U.S. TV broadcaster Nexstar is acquiring 12 stations from Newport Television Holdings, and has secured commitments for a new $645 million senior secured credit facility. We are placing our 'B' issue level rating on the company's senior secured second-lien notes on CreditWatch with developing implications, because we could revise our issue-level rating once new debt financing is in place. Developing implications means the rating could be raised, lowered, or affirmed. The stable rating outlook is based on our expectation that Nexstar will maintain a lease-adjusted debt to trailing-eight-quarter EBITDA ratio of 7x or less over the intermediate term, along with adequate liquidity and adequate headroom with covenants. On July 25, 2012, Standard&Poor's Rating Services placed its 'B' issue-level
