On April 11, 2008, Standard&Poor's Ratings Services placed its ratings on Nexstar Broadcasting Group Inc. (Nexstar), including the 'B' corporate credit rating, on CreditWatch with negative implications, reflecting our heightened concern about Nexstar's ability to remain in compliance with its financial covenants. The Irving, Texas-based TV broadcasting company had total debt of about $681 million as of Dec. 31, 2007. Nexstar had a modest margin of compliance against a leverage covenant of 7x as of Dec. 31, 2007. The covenant stepped down to 6.75x on Jan. 1, 2008, and further tightens to 6.5x on Dec. 31, 2008. The company funded the $46.9 million repayment of Nexstar Finance Holdings Inc.'s 11.375% discount notes on April 1, 2008, through a
