...CHICAGO (S&P Global Ratings) March 25, 2019--S&P Global Ratings today assigned its '##' issue-level rating and '1' recovery rating to U.S.-based TV broadcaster The E.W. Scripps Co.'s proposed $525 million incremental senior secured term loan B maturing in 2026. The '1' recovery rating indicates our expectation for very high recovery (90%-100%; rounded estimate: 95%) for lenders in the event of a payment default. The company plans to use the proceeds from the proposed term loan to fund its previously announced acquisition of 15 television stations from Cordillera Communications for $521 million. We also lowered the issue-level rating on the company's existing $400 million senior unsecured notes to 'B' from 'B+', and revised the recovery rating to '5' from '3', reflecting the incremental senior secured debt in its capital structure, which reduces the value available to the unsecured noteholders in a hypothetical default scenario. The '5' recovery rating indicates our expectation for modest...
