S&P assigns E.W. Scripps loan BB+ rating

Standard & Poor's said it assigned E.W. Scripps Co. a corporate credit rating of BB-. The outlook is stable.

At the same time, S&P assigned the company's $275 million senior secured credit facility a BB+ issue-level rating (two notches higher than the corporate credit rating), with a recovery rating of 1, indicating an expectation for very high (90% to 100%) recovery for debtholders in the event of a payment default.

The senior secured credit facility consists of a five-year $75 million revolving credit facility and a seven-year $200 million term loan B.

The BB- corporate credit rating on E.W. Scripps reflects the company's "weak" business risk profile and "intermediate" financial risk profile, S&P said.

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