Moody's: Scripps notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Scripps Networks Interactive's new $500 million senior unsecured notes due 2016.

The new notes will be pari pasu with the company's existing senior unsecured credit facility.

Moody's said that like the bank debt, the new notes will be structurally subordinated to the company's existing senior unsecured notes due 2015, with respect to its Travel Channel assets, which guarantee only the existing notes. However, since these assets are a relatively small part of the company's operations, this is not material enough to impact Scripps' debt ratings.

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