The ratings on Nexstar Broadcasting Group LLC reflect the company's cash flow diversity from major network-affiliated television stations in medium size markets, the stations' decent positions in most markets, good discretionary cash flow potential inherent in the business, and cash flow improvement achieved at acquired stations. Offsetting factors include high financial risk from aggressive financial policies, the potential for future station purchases, as well mature revenue growth prospects in the competitive television advertising environment. Significant debt-financed acquisition activity in the past few years compounded by a soft advertising environment has weakened key credit measures. Improving television ad demand and the benefit of political advertising from stations in Illinois, Pennsylvania, and Texas, which each have competitive election races, should provide a
