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No big surprise here, but Standard & Poor’s has downgraded the debt ratings on Clear Channel Communications (NYSE: CCU). It cites steep earnings declines, saying Clear Channel is in danger of violating its debt covenants during the second half of this year. As we reported recently, Clear Channel has been taking steps to service future debt payments by tapping a $2 billion credit facility and making significant layoffs. Ironically, the additional $1.6 billion in debt it recently tapped contributed to the downgrade, according to S&P.