On March 17, 2005, Standard&Poor's Ratings Services assigned its 'B+' rating to Nexstar Broadcasting Group Inc.'s proposed $455 million senior secured credit facilities. A recovery rating of '3' was also assigned, indicating expectations of a meaningful recovery of principal in the event of default or bankruptcy. At the same time, Standard&Poor's assigned its 'B-' rating to Nexstar's proposed $75 million add-on to its existing 7% notes due 2014. Proceeds from the transactions are expected to be used to refinance the company's existing bank debt and to call its 12% senior subordinated notes due 2008. Standard&Poor's ratings on Nexstar, including its 'B+' long-term corporate credit rating, were affirmed, but with a revision of outlook to
