Fitch moves E.W. Scripps to negative outlook

Fitch said it has affirmed the B+ long-term issuer default rating assigned to E.W. Scripps Co.

The agency has also affirmed the BB+/RR1 ratings on the first-lien credit facilities and the B/RR5 rating on the senior unsecured notes.

The rating outlook has been revised to negative from stable.

The negative outlook incorporates the company’s elevated leverage following 2019 acquisition activity and Fitch’s expectation that the coronavirus pandemic will weigh on the advertising environment. These headwinds could slow the pace of deleveraging relative to Fitch's previous expectations.

The B+ issuer-default rating reflects Scripps' high leverage, the company's increased scale and improving television station mix, the diversification afforded by the National Media assets, the improving profitability of these businesses and Fitch's expectation that Scripps will prioritize strengthening the balance sheet following its spate of acquisitions and near-term operating headwinds.

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