S&P ups Local TV outlook to stable

Standard & Poor's said it revised its outlook on Local TV LLC to stable from negative.

All existing ratings on the company, including the B corporate credit rating, were affirmed, the agency said, adding that the outlook revision is based on the company's good financial performance since its acquisition of nine TV stations from the New York Times Broadcast Media Group in May 2007 and its expectation that progress in reducing leverage will continue through the remainder of 2008.

Pro forma for the acquisition, revenue and EBITDA in the first half of 2008 were up 5% and 33%, respectively, over the prior year, S&P said, adding that the company brought down pro forma leverage to 9.3x as of June 30, from 10.9x at year-end 2007, through EBITDA growth.

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