S&P revises Scripps outlook to negative

S&P said it revised its outlook for E.W. Scripps Co. to negative from stable and affirmed its B+ issuer rating.

“We expect the company's leverage will remain elevated above our 5.5x downside threshold until the end of 2024. S&P Global Ratings-adjusted net leverage is expected to increase to about 8x in 2023 from 6x in 2022,” the agency said in a press release.

S&P warned of a possible downgrade unless Scripps lowers its leverage toward 5.5x by the end of 2024.

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