The E.W. Scripps Co. Unsecured Debt Rating Raised To 'B+', Recovery Rating Revised To '4' - S&P Global Ratings’ Credit Research

The E.W. Scripps Co. Unsecured Debt Rating Raised To 'B+', Recovery Rating Revised To '4'

The E.W. Scripps Co. Unsecured Debt Rating Raised To 'B+', Recovery Rating Revised To '4' - S&P Global Ratings’ Credit Research
The E.W. Scripps Co. Unsecured Debt Rating Raised To 'B+', Recovery Rating Revised To '4'
Published Aug 16, 2023
4 pages (1651 words) — Published Aug 16, 2023
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Aug. 16, 2023--S&P Global Ratings today raised the issue-level rating on E.W. Scripps' unsecured debt to 'B+' from 'B' and revised the recovery rating to '4' from '5'. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 35%) recovery for lenders in the event of a payment default. E.W. Scripps recently increased the size of its revolving credit facility by $185 million to $585 million and subsequently borrowed $283 million on the facility to pay off the $283 million balance on its term loan maturing in 2024. While the current amount of total debt outstanding remains unchanged, these actions reduce the estimated amount of secured debt outstanding in our hypothetical default scenario

  
Brief Excerpt:

...August 16, 2023 NEW YORK (S&P Global Ratings) Aug. 16, 2023--S&P Global Ratings today raised the issue-level rating on E.W. Scripps' unsecured debt to 'B+' from 'B' and revised the recovery rating to '4' from '5'. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 35%) recovery for lenders in the event of a payment default. E.W. Scripps recently increased the size of its revolving credit facility by $185 million to $585 million and subsequently borrowed $283 million on the facility to pay off the $283 million balance on its term loan maturing in 2024. While the current amount of total debt outstanding remains unchanged, these actions reduce the estimated amount of secured debt outstanding in our hypothetical default scenario and as a result, increases recovery prospects for unsecured debtholders. This is because we assume the revolving credit facility is 85% drawn in our recovery analysis. Our 'B+' issuer credit rating and negative outlook on E.W....

  
Report Type:

Ratings Action

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

  
MLA:
S&P Global Ratings’ Credit Research. "The E.W. Scripps Co. Unsecured Debt Rating Raised To 'B+', Recovery Rating Revised To '4'" Aug 16, 2023. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/The-E-W-Scripps-Co-Unsecured-Debt-Rating-Raised-To-B-Recovery-Rating-Revised-To-4-3042610>
  
APA:
S&P Global Ratings’ Credit Research. (). The E.W. Scripps Co. Unsecured Debt Rating Raised To 'B+', Recovery Rating Revised To '4' Aug 16, 2023. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/The-E-W-Scripps-Co-Unsecured-Debt-Rating-Raised-To-B-Recovery-Rating-Revised-To-4-3042610>
  
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