NEW YORK (Standard&Poor's) March 29, 2006--Standard&Poor's Ratings Services said today that it revised its outlook on Nexstar Broadcasting Group Inc. to negative from stable. The long-term ratings, including the 'B' corporate credit rating, were affirmed. Total debt outstanding, including debt obligations of Mission Broadcasting Inc. that are guaranteed by Irving, Texas-based Nexstar, was approximately $646 million at Dec. 31, 2005. "The negative outlook underscores our concern about Nexstar's narrow margin of financial covenant compliance at year-end 2005," said Standard&Poor's credit analyst Alyse Michaelson Kelly. Nexstar's EBITDA declined in 2005, resulting primarily from the absence of sizable political advertising, lost revenues related to its retransmission negotiations, and the impact of Hurricanes Katrina and Rita. Nexstar's
