The E.W. Scripps Co. has completed a debt restructuring in which it exchanged its existing senior secured term loan B2 due 2026 for a new senior secured term loan B2 due 2028 and exchanged its senior secured term loan B3 due 2028 for a new senior secured term loan B3 due 2029. We view the debt restructuring as distressed and the exchange of the term loan B3 as tantamount to a default because, in our view, the B3 lenders received less than originally promised without offsetting adequate compensation. Also, absent a transaction, we believe there was a realistic possibility of a conventional default. Therefore, we lowered our issuer credit rating on The E.W. Scripps Co. to ?SD? from ?CC?. We
