S&P: Sinclair unchanged

Standard & Poor's said the ratings on Sinclair Broadcast Group Inc., including the BB- corporate credit rating, are unaffected by news that the company plans to acquire eight TV stations from Freedom Communications for $385 million.

This closely follows Sinclair's September 2011 announcement that it will acquire Four Points Media Group Holdings LLC for $200 million.

Pro forma for both transactions and assuming that the remaining balances after deposits paid with cash on hand will be funded with debt, S&P said it believes that Sinclair's lease-adjusted leverage will increase modestly, but remain below the threshold of 5.5x.

The ratings are predicated on the company pacing acquisitions and shareholder-favoring measures to mitigate the effect of non-election year profitability declines, the agency said.

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