Nexstar Rating Cut To 'SD', 7% Subordinated Notes To 'D' - S&P Global Ratings’ Credit Research

Nexstar Rating Cut To 'SD', 7% Subordinated Notes To 'D'

Nexstar Rating Cut To 'SD', 7% Subordinated Notes To 'D' - S&P Global Ratings’ Credit Research
Nexstar Rating Cut To 'SD', 7% Subordinated Notes To 'D'
Published Apr 02, 2009
632 words — Published Apr 02, 2009
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About This Report

  
Abstract:

NEW YORK (Standard&Poor's) April 2, 2009--Standard&Poor's Ratings Services today lowered its corporate credit rating on Irving, Texas-based Nexstar Broadcasting Group Inc. and related entities to 'SD' (indicating a selective default) from 'CC'. At the same time, we lowered the issue-level rating on Nexstar Broadcasting Inc.'s 7% senior subordinated notes due 2014 to 'D' from 'C'. The other outstanding issue-level ratings on the company remain on CreditWatch, where they were placed with negative implications March 10, 2009. "The ratings downgrade reflects the completion of Nexstar's offer to exchange up to $143.6 million principal of its 7% senior subordinated notes due 2014 for a similar amount of 7% senior subordinated pay-in-kind (PIK) notes due 2014 and cash," explained

  
Brief Excerpt:

RESEARCH Nexstar Rating Cut To '##', 7% Subordinated Notes To 'D' Publication date: 02-Apr-2009 Primary Credit Analyst: Deborah Kinzer, New York (1) 212-438-5229; deborah_kinzer@standardandpoors.com Secondary Credit Analyst: Michael...

  
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:
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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.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Nexstar Rating Cut To 'SD', 7% Subordinated Notes To 'D'" Apr 02, 2009. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Nexstar-Rating-Cut-To-SD-7-Subordinated-Notes-To-D-713616>
  
APA:
S&P Global Ratings’ Credit Research. (). Nexstar Rating Cut To 'SD', 7% Subordinated Notes To 'D' Apr 02, 2009. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Nexstar-Rating-Cut-To-SD-7-Subordinated-Notes-To-D-713616>
  
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