The E.W. Scripps Co. has announced a debt restructuring under which it proposes to exchange its existing senior secured term loan B2 due 2026 to a new senior secured term loan B2 due 2028 and exchange its senior secured term loan B3 due 2028 to a new senior secured term loan B3 due 2029. We view the proposed debt restructuring as distressed and the proposed exchange of the term loan B3 as tantamount to a default because we expect lenders will receive less than they were originally promised without offsetting adequate compensation. Also, absent the transaction, we believe there is a realistic possibility of a conventional default. Therefore, we lowered our issuer credit rating on The E.W. Scripps Co. to
