S&P based its analysis on math, saying “A combination of too much debt – (almost $20 billion) – and a collapse in advertising revenue has made life difficult for CC Media,” according to the Wall Street Journal. Standard & Poor’s dropped its corporate credit rating on Clear Channel by two levels, to “CCC,” and keeps the nation’s largest radio station owner in a negative watch state. It also released a warning, saying if a proposed exchange of company debt doesn’t happen, that Clear Channel “would be unable to absorb a potential interest-rate increase that could accompany an amendment, forcing it into bankruptcy.” S&P also noted the continued weakness in advertising, which is expected to reach into 2010.