On July 2, 2008, Standard&Poor's Ratings Services lowered its corporate credit rating on Nexstar Broadcasting Group Inc. to 'B-' from 'B' and removed the ratings from CreditWatch, where they were placed with negative implications on April 11, 2008. At the same time, we lowered the ratings on the company's senior secured credit facilities to 'B+' from 'BB-', and the rating on its unsecured debt to 'CCC' from 'CCC+'. The outlook is stable. The downgrade reflects the Irving, Texas-based company's announcement that it issued $35.6 million of senior subordinated pay-in-kind (PIK) notes and will use the net proceeds to repay borrowings under its senior secured credit facility. Interest on the PIK notes will accrue and be payable in kind
