S&P ups Gray Television

Standard & Poor's said it raised the corporate credit rating on Gray Television Inc. to B from B-.

The outlook is stable.

The ratings on the company's debt also were raised by one notch in conjunction with the upgrade, while all recovery ratings on the debt issues remain unchanged.

The upgrade reflects the company's progress in reducing its gross debt and an expectation that leverage will continue to decline toward 7x in advance of Gray's 2014 revolving credit maturity, the agency said.

The ratings reflect the company's still-high debt leverage and weak discretionary cash flow, as well as an expectation that the company will maintain adequate headroom with its financial covenants in the absence of any further tightening of covenant thresholds, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.