Research Update: TEGNA Inc. Upgraded To 'BB+' Following Cancellation Of Acquisition By A Standard General L.P. Affiliate, Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: TEGNA Inc. Upgraded To 'BB+' Following Cancellation Of Acquisition By A Standard General L.P. Affiliate, Outlook Stable

Research Update: TEGNA Inc. Upgraded To 'BB+' Following Cancellation Of Acquisition By A Standard General L.P. Affiliate, Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: TEGNA Inc. Upgraded To 'BB+' Following Cancellation Of Acquisition By A Standard General L.P. Affiliate, Outlook Stable
Published May 31, 2023
8 pages (3317 words) — Published May 31, 2023
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

TEGNA Inc. terminated its agreement to be acquired by an affiliate of Standard General L.P. The company's net leverage was 2.4x as of March 31, 2023, and we expect it will remain comfortably below our 4x upgrade threshold over the next few years. Therefore, we removed all of our ratings on TEGNA from CreditWatch, where we placed them with negative implications on Feb. 23, 2022, and raised them to 'BB+' from 'BB'. The stable outlook reflects that, despite its currently low leverage in the mid-2x area, the company has not committed to a financial policy that supports an investment-grade rating. The stable outlook reflects that, despite its currently low leverage in the mid-2x area, the company has not committed to

  
Brief Excerpt:

...- TEGNA Inc. terminated its agreement to be acquired by an affiliate of Standard General L.P. - The company's net leverage was 2.4x as of March 31, 2023, and we expect it will remain comfortably below our 4x upgrade threshold over the next few years. - Therefore, we removed all of our ratings on TEGNA from CreditWatch, where we placed them with negative implications on Feb. 23, 2022, and raised them to '##+' from '##'. - The stable outlook reflects that, despite its currently low leverage in the mid-2x area, the company has not committed to a financial policy that supports an investment-grade rating....

  
Report Type:

Research Update

Ticker
GCI
Issuer
Tegna Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: TEGNA Inc. Upgraded To 'BB+' Following Cancellation Of Acquisition By A Standard General L.P. Affiliate, Outlook Stable" May 31, 2023. Alacra Store. May 03, 2024. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-TEGNA-Inc-Upgraded-To-BB-Following-Cancellation-Of-Acquisition-By-A-Standard-General-L-P-Affiliate-Outlook-Stable-2994503>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: TEGNA Inc. Upgraded To 'BB+' Following Cancellation Of Acquisition By A Standard General L.P. Affiliate, Outlook Stable May 31, 2023. New York, NY: Alacra Store. Retrieved May 03, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-TEGNA-Inc-Upgraded-To-BB-Following-Cancellation-Of-Acquisition-By-A-Standard-General-L-P-Affiliate-Outlook-Stable-2994503>
  
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