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Moody's ups Sinclair to SGL-2
Moody's Investors Service said it upgraded Sinclair Broadcast Group, Inc.'s speculative grade liquidity rating to SGL-2.
The agency said the SGL-2 rating reflects the company's good liquidity position over the next four quarters. Sinclair's high debt burden relative to free cash flow and minimal cash balances (approximately $7.6 million as of June 30) are balanced by sufficient cash flow generation over the SGL horizon, sizeable alternative liquidity in its senior secured revolving credit facility ($168 million availability as of June 30), adequate cushion projected under its bank financial maintenance covenants and lack of any near-term debt maturities.
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