E.W. Scripps Co.'s Unsecured Notes Rated 'BB'; Revolving Credit Facility Rated 'BBB-'

CHICAGO (S&P Global Ratings) April 17, 2017--S&P Global Ratings today assigned its 'BB' issue-level rating and '3' recovery rating to The E.W. Scripps Co.'s proposed $400 million senior unsecured notes due 2025. The '3' recovery rating indicates our expectation for a substantial recovery (50%-70%; rounded estimate: 65%) of principal in the event of a payment default. We also assigned our 'BBB-' issue-level and '1' recovery ratings to the company's proposed $125 million senior secured revolving credit facility due 2022. The '1' recovery rating indicates our expectation for a very high recovery (90%-100%; rounded estimate: 95%) of principal in the event of a payment default. The proposed credit facility would replace the company's outstanding $100 million revolver due 2018. Our 'BB'

...CHICAGO (S&P Global Ratings) April 17, 2017--S&P Global Ratings today assigned its '##' issue-level rating and '3' recovery rating to The E.W. Scripps Co.'s proposed $400 million senior unsecured notes due 2025. The '3' recovery rating indicates our expectation for a substantial recovery (50%-70%; rounded estimate: 65%) of principal in the event of a payment default. We also assigned our '###-' issue-level and '1' recovery ratings to the company's proposed $125 million senior secured revolving credit facility due 2022. The '1' recovery rating indicates our expectation for a very high recovery (90%-100%; rounded estimate: 95%) of principal in the event of a payment default. The proposed credit facility would replace the company's outstanding $100 million revolver due 2018. Our '##' corporate credit rating and stable rating outlook on the company are not affected by the proposed transaction. This transaction is leverage neutral as the company is using the proceeds to repay its existing first-lien...

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