Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers L > Headlines for LIN TV Corp. > News item |
Moody's: LIN outlook developing
Moody's Investors Service said it changed the outlook for LIN Television Corp. to developing from stable following the company's announcement that it has retained J.P. Morgan Securities Inc. to explore strategic alternatives, including a possible sale of the company.
The agency also affirmed the company's corporate family and probability-of-default ratings at Ba3, secured revolver and term loan at Baa3 (LGD2, 13%), senior subordinated regular and exchangeable notes at B1 (LGD4, 69%) and speculative grade liquidity rating at SGL-2.
The developing outlook reflects Moody's belief that the recent announcement creates uncertainty around the company's future business plans, capital structure and credit metrics.
The agency said the existing ratings balance the company's high debt-to-EBITDA leverage, modest EBITDA margins and the inherent cyclicality of the advertising market against LIN's diverse geographic footprint and network affiliations, notable free cash flow generation and continued local market focus.
© 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.