Research Update: The E.W. Scripps Co. Downgraded To 'B-' From 'B'; Outlook Negative - S&P Global Ratings’ Credit Research

Research Update: The E.W. Scripps Co. Downgraded To 'B-' From 'B'; Outlook Negative

Research Update: The E.W. Scripps Co. Downgraded To 'B-' From 'B'; Outlook Negative - S&P Global Ratings’ Credit Research
Research Update: The E.W. Scripps Co. Downgraded To 'B-' From 'B'; Outlook Negative
Published Sep 18, 2024
8 pages (3421 words) — Published Sep 18, 2024
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

We expect EBITDA and free operating cash flow (FOCF) for E.W. Scripps Co. will gradually decline over time amid secular pressures and the potential to refinance upcoming debt maturities at higher rates. Absent significant business outperformance and monetization of noncore assets, we believe credit metrics could remain weak ahead of upcoming, sizable debt maturities in 2026 and 2027. Therefore, we lowered our issuer credit rating on Scripps to 'B-' from 'B'. At the same time, we lowered the issue-level rating on the company's senior secured debt to 'B+' from 'BB-'. The '1' recovery rating on its secured debt is unchanged. We also lowered the issue-level rating on the company's senior unsecured debt to 'CCC' from 'B-' and revised the unsecured

  
Brief Excerpt:

...- We expect EBITDA and free operating cash flow (FOCF) for E.W. Scripps Co. will gradually decline over time amid secular pressures and the potential to refinance upcoming debt maturities at higher rates. - Absent significant business outperformance and monetization of noncore assets, we believe credit metrics could remain weak ahead of upcoming, sizable debt maturities in 2026 and 2027. - Therefore, we lowered our issuer credit rating on Scripps to 'B-' from 'B'. - At the same time, we lowered the issue-level rating on the company's senior secured debt to 'B+' from '##-'. The '1' recovery rating on its secured debt is unchanged. - We also lowered the issue-level rating on the company's senior unsecured debt to '###' from 'B-' and revised the unsecured recovery ratings to '6' from '5'. - The negative outlook reflects our expectation for Scripps' EBITDA and cash flow to decline over time amid secular challenges. It also reflects uncertainty about the company's ability to reduce debt ahead...

  
Report Type:

Research Update

Ticker
SSP
Issuer
E.W. Scripps Co. (The)
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: The E.W. Scripps Co. Downgraded To 'B-' From 'B'; Outlook Negative" Sep 18, 2024. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-The-E-W-Scripps-Co-Downgraded-To-B-From-B-Outlook-Negative-3252827>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: The E.W. Scripps Co. Downgraded To 'B-' From 'B'; Outlook Negative Sep 18, 2024. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-The-E-W-Scripps-Co-Downgraded-To-B-From-B-Outlook-Negative-3252827>
  
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