Geographic and cash flow diversity from major-network-affiliated TV stations; TV broadcasting's good margin and discretionary cash flow potential; and TV station asset values. A debt to EBITDA ratio that is high for the current rating level; Financial risk related to potential acquisitions; Weak conversion of EBITDA into discretionary cash flow compared with its peers; Heavy competition from traditional and nontraditional media; and Mature revenue growth prospects for the business. The rating on Nexstar Broadcasting Group Inc. reflects its high leverage from aggressive debt-financed acquisitions, relatively weak EBITDA margin and conversion of EBITDA into discretionary cash flow compared with peers, advertising's vulnerability to economic downturns, and TV broadcasting's mature revenue growth prospects. These factors are partially offset by Nexstar's cash flow
