S&P assigns A- to Scripps Networks Interactive notes

Standard & Poor’s said it assigned its A- issue-level rating to Scripps Networks Interactive Inc.’s proposed issuance of up to $1 billion senior notes, which will comprise a combination of five- and 10-year notes.

The company plans to use the proceeds of the debt issuance to repay $885 million senior notes due Jan. 15, 2015 that were issued through a majority-owned subsidiary and for general corporate purposes.

S&P said the corporate credit rating on Scripps reflects S&P’s assessment of the company’s business risk profile as “satisfactory” and its financial risk profile as “minimal.”

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