...- U.S.-based television broadcaster The E.W. Scripps Co. completed its debt-financed acquisition of ION Media Networks Inc. for $2.65 billion. - We are affirming our 'B' issuer credit rating on Scripps because we expect pro forma net adjusted leverage will be above 6x in 2021, above our revised upgrade trigger of 5.5x, which is 0.25x higher than our previous threshold given the company's improved scale, profitability, and cash flow generation following the ION acquisition. We are removing the rating from CreditWatch, where we placed it with positive implications on Sept. 25, 2020. - We are lowering our issue-level ratings on the company's $400 million 5.125% senior unsecured notes due in 2025 and $500 million senior unsecured notes due in 2027 to '###+' from 'B-', and revising the recovery ratings to '6' from '5' given the incremental amount of unsecured debt following the acquisition. We are removing these ratings from CreditWatch, where we placed them with developing implications on Sept....
