Research Update: TEGNA Inc.Upgraded To 'BB' On Continued Advertising Recovery; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: TEGNA Inc.Upgraded To 'BB' On Continued Advertising Recovery; Outlook Stable

Research Update: TEGNA Inc.Upgraded To 'BB' On Continued Advertising Recovery; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: TEGNA Inc.Upgraded To 'BB' On Continued Advertising Recovery; Outlook Stable
Published Jun 10, 2021
8 pages (3334 words) — Published Jun 10, 2021
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Core advertising revenue has continued to improve through the first half of 2021, benefitting from government stimulus and increasing vaccination rates, boosting our confidence that TEGNA's leverage will remain below our 4.5x upgrade threshold. As a result, we raised our issuer credit rating on TEGNA to 'BB' from 'BB-'. The stable outlook reflects our expectation that the company will pursue shareholder friendly activities that could increase leverage to 4x-4.5x. Absent potential acquisitions or share repurchases, we expect TEGNA's leverage will decline to the mid-3x area in 2021 from around 4x in 2020 due to a recovery in core advertising revenue and retransmission revenue growth following recent contract renewals. The stable outlook reflects our expectation that the company will pursue shareholder

  
Brief Excerpt:

...- Core advertising revenue has continued to improve through the first half of 2021, benefitting from government stimulus and increasing vaccination rates, boosting our confidence that TEGNA's leverage will remain below our 4.5x upgrade threshold. - As a result, we raised our issuer credit rating on TEGNA to '##' from '##-'. - The stable outlook reflects our expectation that the company will pursue shareholder friendly activities that could increase leverage to 4x-4.5x. Absent potential acquisitions or share repurchases, we expect TEGNA's leverage will decline to the mid-3x area in 2021 from around 4x in 2020 due to a recovery in core advertising revenue and retransmission revenue growth following recent contract renewals....

  
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' On Continued Advertising Recovery; Outlook Stable" Jun 10, 2021. Alacra Store. May 03, 2024. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-TEGNA-Inc-Upgraded-To-BB-On-Continued-Advertising-Recovery-Outlook-Stable-2664716>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: TEGNA Inc.Upgraded To 'BB' On Continued Advertising Recovery; Outlook Stable Jun 10, 2021. 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-On-Continued-Advertising-Recovery-Outlook-Stable-2664716>
  
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