<div id="subtitle">Moody's may upgrade Salem Communications rating, citing improved credit conditions</div><div><p>Moody's Investor Service said Monday it may raise its credit ratings for radio broadcaster and publisher Salem Communications Holding Corp.</p><p>Shares jumped 23 cents, or 5.9 percent, to $4.12 in afternoon trading.</p><p>The agency said improving credit conditions should allow the company to refinance its $321 million in debt, which matures over the next year.</p><p>Moody's put Salem's B3 corporate family rating and Caa1 probability of default rating on review for possible upgrade. Both ratings are non-investment grade.</p><p>It also assigned a non-investment grade B2 rating to Salem's proposed $300 million note offering. The notes are due in 2016.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=63529918&bid=informcom" /></div><div id="copyright"><div>

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