U.S. TV broadcaster Nexstar Broadcasting Group Inc. plans to issue $230 million in incremental bank debt under its existing credit agreement to fund the pending acquisition of Communications Corp. of America. We are affirming our 'B+' corporate credit rating on Nexstar. We are assigning the proposed $230 million term loan A due 2018 a 'BB' issue-level rating, with a recovery rating of '1'. We are also downgrading the existing 8.875% second-lien notes due 2017 to 'B-' from 'B' because of the lower recovery prospects. The stable rating outlook reflects our view that Nexstar will maintain leverage below our threshold of 6x for the rating over the intermediate term. On June 20, 2013, Standard&Poor's Ratings Services affirmed its 'B+'
