The E.W. Scripps Co. Rating Lowered To 'B' On Debt-Funded Acquisition, Removed From CreditWatch Negative; Outlook Stable - S&P Global Ratings’ Credit Research

The E.W. Scripps Co. Rating Lowered To 'B' On Debt-Funded Acquisition, Removed From CreditWatch Negative; Outlook Stable

The E.W. Scripps Co. Rating Lowered To 'B' On Debt-Funded Acquisition, Removed From CreditWatch Negative; Outlook Stable - S&P Global Ratings’ Credit Research
The E.W. Scripps Co. Rating Lowered To 'B' On Debt-Funded Acquisition, Removed From CreditWatch Negative; Outlook Stable
Published Sep 20, 2019
3 pages (1607 words) — Published Sep 20, 2019
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

U.S.-based TV broadcaster The E.W. Scripps Co. has completed its debt-financed acquisition of television stations from Nexstar Media Group Inc. for $580 million. We expect adjusted pro forma average trailing-eight-quarters leverage will increase to 6.8x-7x in 2019 and remain above our 5.25x threshold for the 'B+' rating through 2020. As a result, we lowered our issuer credit rating to 'B' from 'B+'. We removed all of our ratings on Scripps from CreditWatch, where we placed them with negative implications on Oct. 29, 2018. The stable outlook reflects our expectation that leverage will improve to around 6x in 2020 primarily due to retransmission revenue growth and strong political advertising revenue. The stable outlook also reflects our expectation that Scripps will focus

  
Report Type:

Ratings Action

Ticker
SSP
Issuer
E.W. Scripps Co. (The)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "The E.W. Scripps Co. Rating Lowered To 'B' On Debt-Funded Acquisition, Removed From CreditWatch Negative; Outlook Stable" Sep 20, 2019. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/The-E-W-Scripps-Co-Rating-Lowered-To-B-On-Debt-Funded-Acquisition-Removed-From-CreditWatch-Negative-Outlook-Stable-2304049>
  
APA:
S&P Global Ratings’ Credit Research. (). The E.W. Scripps Co. Rating Lowered To 'B' On Debt-Funded Acquisition, Removed From CreditWatch Negative; Outlook Stable Sep 20, 2019. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/The-E-W-Scripps-Co-Rating-Lowered-To-B-On-Debt-Funded-Acquisition-Removed-From-CreditWatch-Negative-Outlook-Stable-2304049>
  
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