Research Update: The E.W. Scripps Co. Ratings Placed On CreditWatch Negative Due To Increasing Refinancing Risk

E.W. Scripps Co.'s $585 million revolving credit facility became current on Jan. 7, 2025, and its $723 million senior secured term loan will become current on May 1. S&P Global Ratings believes the company faces increased refinancing risk related to these upcoming debt maturities, given our expectation for leverage in the high-6x area and free operating cash flow (FOCF) to debt (over a political cycle) of less than 5%. Therefore, we placed all of our ratings on E.W. Scripps, including the 'B-' issuer credit rating, on CreditWatch with negative implications. We expect to resolve the CreditWatch placement before the company's term loan becomes current in May 2025. As such, we believe the company will rely on some form of debt

...- E.W. Scripps Co.'s $585 million revolving credit facility became current on Jan. 7, 2025, and its $723 million senior secured term loan will become current on May 1. - S&P Global Ratings believes the company faces increased refinancing risk related to these upcoming debt maturities, given our expectation for leverage in the high-6x area and free operating cash flow (FOCF) to debt (over a political cycle) of less than 5%. - Therefore, we placed all of our ratings on E.W. Scripps, including the 'B-' issuer credit rating, on CreditWatch with negative implications. - We expect to resolve the CreditWatch placement before the company's term loan becomes current in May 2025....

Research Update