U.S. media company E.W. Scripps Co. put in place a new $275 million senior secured credit facility to refinance its existing debt. We are assigning the company our 'BB-' corporate credit rating. We are also assigning the senior secured credit facility a 'BB+' issue-level rating, with a recovery rating of '1'. The stable outlook reflects our expectation that E.W. Scripps is able to fund operating needs and pursue its growth and shareholder return priorities while keeping debt to average-eight-quarter EBITDA below 3x over the intermediate term. On Dec. 2, 2013, Standard&Poor's Ratings Services assigned Cincinnati-based TV broadcaster and newspaper publisher E.W. Scripps Co. a corporate credit rating of 'BB-'. The outlook is stable. At the same time, we
