Moody’s ups E.W. Scripps loan, rates notes B3

Moody's Investors Service said it affirmed E.W. Scripps Co.’s B1 corporate family rating and B1-PD probability of default rating.

Concurrently, Moody's upgraded the rating on the company's senior secured bank credit facility to Ba2 from Ba3 and affirmed the B3 rating on the company's senior unsecured notes.

Moody's also assigned a B3 rating to the company's proposed $400 million of unsecured notes due 2027 which will be escrowed until closing of the acquisition of stations being divested as part of the Nexstar Broadcasting, Inc. (B1 stable) acquisition of Tribune Media Co. (B1 stable).

The SGL-2 speculative grade liquidity rating was affirmed.

The outlook remains stable.

The agency said Scripp's ratings continue to reflect the company's very high-margin retransmission fees, strong local news programming and audience share, and good free cash flow generation.

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