S&P ups Allbritton to positive

Standard & Poor's said it revised the outlook on Allbritton Communications Co. to positive from stable and affirmed the B corporate credit rating.

The outlook revision to positive reflects the company's recent leverage reduction and the expectation of continuing gradual progress as a result of EBITDA growth and lower revolving credit borrowings, despite the resumption of distributions to its parent, the agency said.

The ratings reflect the company's still-high debt leverage, earnings and cash flow concentration from a small TV station portfolio, and a track record of shareholder-favoring financial policies, the agency added.

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