S&P lifts Belo

Standard & Poor's said it raised its ratings on Belo Corp., including the corporate credit rating, to BB from BB-. The outlook remains stable.

"The rating action reflects our expectation that Belo will reduce its eight-quarter trailing debt leverage to less than 4x with the redemption of its 6æ% senior notes at the end of November and will maintain leverage below 4x over at least the next two years," said S&P credit analyst Naveen Sarma in a news release.

The agency said the rating also reflects Belo's geographic and revenue concentration in Texas, as well as S&P's assumption that the company's TV stations will maintain good audience ratings compared with local competitors.

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