Good cash flow diversity from major network-affiliated television stations; Competitive market positions with strong local programming; Geographic diversification that helps temper the effect of regional economic softness; and Healthy margin and discretionary cash flow potential of the broadcasting business. Aggressive, debt financed station acquisition activity has elevated debt levels; Likelihood of additional acquisitions keeps financial risk high; and Mature revenue growth prospects for the business. The ratings on Irving, Texas-based Nexstar Broadcasting Group LLC reflect the financial risk from aggressive debt-financed acquisition activity, potential for future station purchases, and mature revenue growth prospects in the competitive television advertising environment. These factors are somewhat offset by the company's cash-flow diversity from major network-affiliated television stations in small and midsize markets, the
