Standard&Poor's Ratings Services' corporate credit rating on Irving, Texas-based TV broadcaster Nexstar Broadcasting Group Inc. is currently on CreditWatch, where it was placed with negative implications on July 29, 2011, in response to the company's announcement that its board is exploring strategic alternatives to maximize shareholder value, which could include a sale of the company. Although the company has not made a decision to pursue any specific transaction, the board's decision results in considerable uncertainty regarding Nexstar's business and financial strategy. We believe a sale of the company, if pursued, could releverage the balance sheet and cause deterioration in Nexstar's financial risk profile, especially if the new owner is a financial investor. We believe the sale process could
