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Moody's: Media General outlook negative
Moody's Investors Service said it changed Media General, Inc.'s outlook to negative from stable.
The company's B2 corporate family rating is unaffected.
The outlook change reflects concern that Media General's capacity to reduce debt will be weakened by the cost of refinancing its credit facility that matures in March 2013, according to the agency.
In addition, Media General's already modest free cash flow generation and debt reduction capacity is vulnerable to weakness in the advertising market, the agency said.
Media General's debt-to-EBITDA leverage of about 7.5x and exposure to newspapers are credit concerns as Moody's expects continued newspaper revenue pressure, the agency said.
Media General's B2 corporate family rating reflects the company's good local market media position, high leverage, modest free cash flow generation and refinancing risk related to the 2013 maturity of its credit facility, the agency said.
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