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S&P rates E.W. Scripps loan BB
S&P said it assigned a BB rating and 1 recovery rating to the E.W. Scripps Co.'s proposed $525 million incremental senior secured term loan B due in 2026.
The 1 recovery rating indicates 90% to 100% expected default recovery.
The proceeds will be used to fund the company's previously announced acquisition of 15 television stations from Cordillera Communications for $521 million, S&P said.
The agency also said it lowered the issue-level rating on the company's existing $400 million senior unsecured notes to B from B+ and revised the recovery rating to 5 from 3, reflecting the incremental senior secured debt in its capital structure, which reduces the value available to the unsecured noteholders in a hypothetical default scenario.
The 5 recovery rating indicates 10% to 30% expected default recovery.
All of the ratings, including its B+ issuer credit rating, remain on CreditWatch with negative implications.
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