Nexstar Media Group Inc.'s leverage improved to 3.4x in 2022 from 3.8x in 2021, and we expect it will remain below our 4x upgrade threshold over the next few years. As a result, we raised our issuer credit rating on Nexstar to 'BB+' from 'BB'. We also revised the recovery rating on Nexstar's senior unsecured debt to '4' from '6' and raised the issue-level rating to 'BB+' from 'B+'. The stable outlook reflects our expectation that Nexstar's leverage will remain in the mid-3x area over the next year, with most free operating cash flow (FOCF) going toward shareholder returns. The stable outlook reflects our expectation that Nexstar's leverage will remain in the mid-3x area over the next year, with most
