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S&P cuts E.W. Scripps, ratings off CreditWatch
S&P said it lowered E.W. Scripps Co.’s rating to B from B+ and removed all its ratings from CreditWatch with negative implications.
“The downgrade reflects the material increase in leverage following Scripps’ acquisition of stations from Nexstar. We expect Scripps’ pro forma leverage to increase to 6.8x-7x in 2019 from around 5.5x (pro forma for the acquisition of Cordillera),” said S&P in a news release.
The outlook is stable.
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