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Fitch assigns BBB+ to Scripps notes
Fitch Ratings said it assigned a BBB+ rating to Scripps Networks Interactive, Inc.'s proposed issuance of benchmark-sized five-, seven- and 10-year senior unsecured notes.
The agency maintains its BBB+ rating on Scripps’ upsized $900 million revolving credit facility due 2020.
The outlook is negative.
Proceeds are expected to be used, together with cash on hand and borrowings under the credit facility, to finance the acquisition of a controlling interest in Polish television operator, TVN.
As of March 31, Scripps had about $1.85 billion of debt outstanding.
Fitch said key rating drivers include Scripps’ portfolio of cable networks and leading home and lifestyle programming brands provide the foundation of the ratings; and acquisition of controlling stake in TVN is in line with the company's international expansion strategy. Scripps’ financial priorities remain consistent and focused on internal investment and international expansion. However, the acquisition limits the company's flexibility within the assigned ratings to accommodate operational missteps and share repurchases.
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