Nexstar Media Inc.'s leverage declined to about 4.5x in 2020 from about 5.5x in 2019 and we expect further leverage improvement to about 4x in 2021. We raised our issuer credit rating on Nexstar to 'BB' from 'BB-' because we expect leverage will remain below our 4.5x upgrade threshold over the next few years, including potential share repurchases and acquisitions. We also revised the recovery rating on Nexstar's senior secured debt to '1' from '2' and raised the issue-level rating on this debt to 'BBB-' from 'BB'. The stable outlook reflects our expectation that Nexstar will manage leverage between 4x-4.5x by directing cash flow toward a balance of shareholder returns, acquisitions, and debt repayment. Without acquisition opportunities, we believe the
