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S&P puts LIN Media on negative watch
Standard & Poor's said it placed all its ratings, including the BB- corporate credit rating, on LIN Media LLC on CreditWatch with negative implications.
This also includes the issue-level ratings on LIN's outstanding debt.
The CreditWatch listing is in response to the company's announcement that it has entered into a definitive agreement to merge with Richmond, Va.-based Media General in a transaction valued at $1.6 billion.
S&P said it expects that the new company may refinance some of LIN's debt, and it would withdraw the ratings on those debt issues when repaid.
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