U.S.-based Nexstar Escrow Corp., a subsidiary of Nexstar Broadcasting Group Inc. (Nexstar), plans to issue $900 million senior unsecured notes due 2024. The company will place the proceeds in escrow until Nexstar's acquisition of Media General Inc. closes, after which the proceeds will be used to partly finance the transaction. We are affirming our 'BB-' corporate credit rating on Nexstar. We are also assigning our 'B+' issue-level rating and '5' recovery rating to the company's proposed $900 million senior unsecured notes due 2024. In addition, we are revising our recovery rating on Nexstar's senior unsecured notes due 2020 and 2022 to '5' from '4' and subsequently lowering the issue-level rating to 'B+' from 'BB-'. The stable rating outlook reflects our
