Home Credit Ratings and Research S&P Global Ratings’ Credit Research Nexstar Broadcasting Group Inc.

Nexstar Broadcasting Group Inc. Downgraded To 'B-'; Off Watch; Outlook Stable

Published Jul 02, 2008

About This Report

Abstract:

NEW YORK (Standard&Poor's) July 2, 2008--Standard&Poor's Ratings Services said today it lowered its corporate credit rating on Nexstar Broadcasting Group Inc. to 'B-' from 'B' and removed the ratings from CreditWatch, where they were placed with negative implications on April 11, 2008. At the same time, we lowered the ratings on the Irving, Texas-based company's senior secured credit facilities to 'B+' from 'BB-', and the rating on its unsecured debt to 'CCC' from 'CCC+'. The outlook is stable. The downgrade reflects the company's announcement that it issued $35.6 million of senior subordinated pay-in-kind (PIK) notes and will use the net proceeds to repay borrowings under its senior secured credit facility. Interest on the PIK notes will

Report Type:

Ratings Action

Ticker

NXST

Issuer

Nexstar Broadcasting Group Inc.

GICS

Broadcasting & Cable TV (25401020)

Sector

Global Issuers

Country

United States

Region

United States

Format:

HTML

Summary: Nexstar Broadcasting Group Inc. – 2008/12/12 – US$ 225.00

Nexstar Rating Cut To 'CC' From 'B-' Following Debt Exchange Offer – 2009/03/10 – US$ 150.00

Research Update: Nexstar Rating Lowered To 'CC' From 'B-' Following Debt Exchange Offer – 2009/03/10 – US$ 225.00

Nexstar Rating Cut To 'SD', 7% Subordinated Notes To 'D' – 2009/04/02 – US$ 150.00

Research Update: Nexstar Rating Lowered To 'SD', 7% Subordinated Notes To 'D' – 2009/04/02 – US$ 225.00

Research Update: Nexstar Broadcasting Group Inc. Corporate Credit Rating Lowered To 'B-' And Off CreditWatch – 2008/07/02 – US$ 225.00

Nexstar Broadcasting Group Inc. – 2008/05/01 – US$ 500.00

Summary: Nexstar Broadcasting Group Inc. – 2008/05/01 – US$ 225.00

Nexstar Broadcasting Group Inc. 'B' Corporate Credit Rtg Placed On Watch Negative – 2008/04/11 – US$ 150.00

Research Update: Nexstar Broadcasting Group 'B' Corporate Credit Rtg On Watch Neg On Covenant Compliance Issues – 2008/04/11 – US$ 225.00

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author

Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Nexstar Broadcasting Group Inc. Downgraded To 'B-'; Off Watch; Outlook Stable" Jul 02, 2008. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Nexstar-Broadcasting-Group-Inc-Downgraded-To-B-Off-Watch-Outlook-Stable-657761>

APA:	S&P Global Ratings’ Credit Research. (). Nexstar Broadcasting Group Inc. Downgraded To 'B-'; Off Watch; Outlook Stable Jul 02, 2008. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Nexstar-Broadcasting-Group-Inc-Downgraded-To-B-Off-Watch-Outlook-Stable-657761>

US$ 150.00

$ £ €

Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

Example Report

Click to View Sample Report

More Research

Search all our Credit Research from one place.