Below-average EBITDA margins compared to TV peers. Strong retransmission revenue growth. Good geographic diversity resulting in strong political advertising revenue in election years. Long-term structural changes in the consumption of media that could attract viewers away from TV. Moderate financial policy, based on our expectation of adjusted debt to average trailing-eight-quarter EBITDA to be in the low- to mid-2x range. Good cash flow generation, particularly in election years. Strong liquidity. The stable rating outlook reflects our expectation that E.W. Scripps can accomplish its growth objectives and maintain adjusted debt to average eight-quarter EBITDA of 2x to 3x. The rating incorporates our expectation that the company could make TV station acquisitions that might temporarily increase leverage toward 3x. We could lower
