Good diversification by geography and network affiliation. Relatively good EBITDA margin, supported by duopolies operating in more than 60% of its markets, although we expect recent changes in FCC regulations to have some negative effect. Midsize TV broadcaster with leading news ratings in many of its markets, attracting higher political advertising. TV broadcasting's mature long-term growth prospects. Highly leveraged financial risk profile with expectations for continued elevated debt levels. Aggressive debt-financed acquisition strategy. The stable rating outlook reflects our expectation that Nexstar's leverage, based on average trailing-eight-quarter EBITDA, will gradually moderate and approach the low-5x area over the next few years. The outlook also reflects our expectation that the company will maintain adequate liquidity and headroom with its tightest covenant.
