This research update, published earlier today, is being republished to clarify the headline. No other changes were made. On Aug. 22, 2005, Standard&Poor's Ratings Services lowered its ratings on Nexstar Broadcasting Group Inc., including lowering its long-term corporate credit rating to 'B' from 'B+', because of the company's weaker-than-expected operating performance and high leverage. The outlook is stable. Total debt, including debt obligations of Mission Broadcasting that are guaranteed by Irving, Texas-based Nexstar, totaled approximately $648 million at June 30, 2005. The downgrade recognizes that softer-than-expected advertising demand, which recently prompted Nexstar to lower its full-year 2005 revenue guidance, gives us greater concern that the company will not achieve the near-term leverage reduction that we had incorporated into
