On April 2, 2009, Standard&Poor's Ratings Services lowered its corporate credit rating on Irving, Texas-based Nexstar Broadcasting Group Inc. and related entities to 'SD' (indicating a selective default) from 'CC'. At the same time, we lowered the issue-level rating on Nexstar Broadcasting Inc.'s 7% senior subordinated notes due 2014 to 'D' from 'C'. The other outstanding issue-level ratings on the company remain on CreditWatch, where they were placed with negative implications March 10, 2009. The ratings downgrade reflects the completion of Nexstar's offer to exchange up to $143.6 million principal of its 7% senior subordinated notes due 2014 for a similar amount of 7% senior subordinated pay-in-kind (PIK) notes due 2014 and cash. As we stated on March
