Research Update: The E.W. Scripps Co. Upgraded To 'CCC+' From 'SD'; Outlook Negative; Debt Rating Actions Taken - S&P Global Ratings’ Credit Research

Research Update: The E.W. Scripps Co. Upgraded To 'CCC+' From 'SD'; Outlook Negative; Debt Rating Actions Taken

Research Update: The E.W. Scripps Co. Upgraded To 'CCC+' From 'SD'; Outlook Negative; Debt Rating Actions Taken - S&P Global Ratings’ Credit Research
Research Update: The E.W. Scripps Co. Upgraded To 'CCC+' From 'SD'; Outlook Negative; Debt Rating Actions Taken
Published Apr 15, 2025
9 pages (3771 words) — Published Apr 15, 2025
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

The E.W. Scripps Co. completed the exchange of its term loan B-2 and term loan B-3. However, it still has $426 million of senior unsecured notes due in 2027 that it will need to refinance, with limited ability to materially deleverage in advance. As a result, we believe the company depends on favorable business, economic and financial conditions to meet its financial obligations. We therefore raised our issuer credit rating on E.W. Scripps to ?CCC+? from ?SD? (selective default). We assigned ?B? issue-level ratings and ?1? recovery ratings to the company?s new $70 million revolving credit facility due in 2026, $208 million revolver due in 2027, $545.2 million senior secured term loan B-2 maturing in 2028, and $340.2 million secured

  
Brief Excerpt:

...The E.W. Scripps Co. completed the exchange of its term loan B-2 and term loan B-3. However, it still has $426 million of senior unsecured notes due in 2027 that it will need to refinance, with limited ability to materially deleverage in advance. As a result, we believe the company depends on favorable business, economic and financial conditions to meet its financial obligations....

  
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
Buy Now

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: The E.W. Scripps Co. Upgraded To 'CCC+' From 'SD'; Outlook Negative; Debt Rating Actions Taken" Apr 15, 2025. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-The-E-W-Scripps-Co-Upgraded-To-CCC-From-SD-Outlook-Negative-Debt-Rating-Actions-Taken-3353506>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: The E.W. Scripps Co. Upgraded To 'CCC+' From 'SD'; Outlook Negative; Debt Rating Actions Taken Apr 15, 2025. 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-Upgraded-To-CCC-From-SD-Outlook-Negative-Debt-Rating-Actions-Taken-3353506>
  
US$ 225.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.