NEW YORK (AP) ¿ Standard & Poor's Ratings Services said Monday it has revised the CreditWatch implications on its corporate credit ratings related Salem Communications Corp. to "developing" from "negative."

Developing implications mean the ratings could be either raised or lowered over the short term, depending on the outcome of the company's proposal to refinance its debt, the ratings agency said.

Salem is a Christian-themed radio broadcaster, Internet content provider and magazine publisher.

Standard & Poor's said its ratings on the company, including the "B-" corporate credit rating, remain unchanged.

If Salem is successful in refinancing its capital structure, S&P said it would expect to raise the corporate credit rating by one notch, to "B'' with a stable outlook. It could also lower the rating if it appears that Salem would not be able to complete its refinancing goals.

Shares rose 30 cents to $4.19.
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