Good cash flow diversity from major-network-affiliated TV stations. Geographic diversification that helps temper the effect of regional economic softness. A favorable EBITDA margin compared with other operators in small to midsize TV markets. Elevated debt levels from aggressive, debt-financed TV station acquisitions. Mature revenue growth prospects for TV broadcasting business. Increased competition for audience and advertisers from traditional and nontraditional media. Expected thinning margin of senior leverage covenant compliance by the end of 2009. The 'B-' corporate credit rating on Irving, Texas-based Nexstar Broadcasting Group Inc. reflects the company's high debt leverage from aggressive debt-financed acquisitions, advertising's vulnerability to economic downturns, and TV broadcasting's mature revenue growth prospects. The company's cash flow diversity from major network-affiliated TV stations in midsize
