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S&P rates E.W. Scripps notes B-
S&P said it assigned its preliminary B- issue-level rating and 5 recovery rating to E.W. Scripps Co.'s proposed $400 million senior notes due 2027.
The 5 recovery rating indicates an expectation for modest (10%-30%; rounded estimate: 15%) recovery for lenders in the event of a payment default.
Scripps plans to use the proceeds from the proposed notes to fund its previously announced acquisition of television stations from Nexstar Media Group Inc.
All of the existing ratings on Scripps, including the B+ issuer credit rating, remain on CreditWatch with negative implications.
“We expect to lower the issuer credit rating to B when the station acquisition closes,” the agency said in a news release.
“We would also lower our issue-level ratings on Scripps' senior secured credit facilities to BB- from BB and its senior unsecured debt to B- from B.”
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