Terrier Media Buyer Inc. Outlook Revised To Negative From Stable On Lower Ad Spending, 'B' Rating Affirmed - S&P Global Ratings’ Credit Research

Terrier Media Buyer Inc. Outlook Revised To Negative From Stable On Lower Ad Spending, 'B' Rating Affirmed

Terrier Media Buyer Inc. Outlook Revised To Negative From Stable On Lower Ad Spending, 'B' Rating Affirmed - S&P Global Ratings’ Credit Research
Terrier Media Buyer Inc. Outlook Revised To Negative From Stable On Lower Ad Spending, 'B' Rating Affirmed
Published Jun 18, 2020
4 pages (1766 words) — Published Jun 18, 2020
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About This Report

  
Abstract:

The U.S. recession stemming from the spread of the coronavirus has led to reduced spending on radio and television advertising in 2020. We believe declines in advertising revenue will materially weaken broadcaster Terrier Media Buyer Inc.'s (Cox Media Group) credit measures and reduce its cash balance in 2020. As a result, we are affirming our 'B' issuer credit rating on Cox Media Group and revising our outlook to negative from stable. The negative outlook reflects the possibility that steeper-than-expected declines or a weak recovery in core advertising could cause leverage to remain above 6.5x and free operating cash flow (FOCF) to debt to fall below 5% through the next political cycle in 2022. CHICAGO (S&P Global Ratings) June 18, 2020—S&P

  
Brief Excerpt:

...June 18, 2020 - The U.S. recession stemming from the spread of the coronavirus has led to reduced spending on radio and television advertising in 2020. - We believe declines in advertising revenue will materially weaken broadcaster Terrier Media Buyer Inc.'s (Cox Media Group) credit measures and reduce its cash balance in 2020. - As a result, we are affirming our 'B' issuer credit rating on Cox Media Group and revising our outlook to negative from stable. - The negative outlook reflects the possibility that steeper-than-expected declines or a weak recovery in core advertising could cause leverage to remain above 6.5x and free operating cash flow (FOCF) to debt to fall below 5% through the next political cycle in 2022. CHICAGO (S&P Global Ratings) June 18, 2020--S&P Global Ratings today took the rating actions listed above. We expect CMG's leverage to spike in 2020 and remain above 6.5x through 2021. Its pro forma gross debt to average trailing-eight-quarters EBITDA was 5.9x as of Dec 31,...

  
Report Type:

Ratings Action

Issuer
CMG Media Corp.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Terrier Media Buyer Inc. Outlook Revised To Negative From Stable On Lower Ad Spending, 'B' Rating Affirmed" Jun 18, 2020. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Terrier-Media-Buyer-Inc-Outlook-Revised-To-Negative-From-Stable-On-Lower-Ad-Spending-B-Rating-Affirmed-2465067>
  
APA:
S&P Global Ratings’ Credit Research. (). Terrier Media Buyer Inc. Outlook Revised To Negative From Stable On Lower Ad Spending, 'B' Rating Affirmed Jun 18, 2020. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Terrier-Media-Buyer-Inc-Outlook-Revised-To-Negative-From-Stable-On-Lower-Ad-Spending-B-Rating-Affirmed-2465067>
  
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