S&P puts Media General on positive watch

Standard & Poor's said it placed all its ratings, including the B+ corporate credit rating, on Media General Inc. on CreditWatch with positive implications.

This also includes the issue-level ratings on Media General's outstanding debt.

The CreditWatch listing is in response to the company's announcement that it entered into a definitive agreement to merge with LIN Media LLC in a transaction valued at $1.6 billion.

S&P 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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