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S&P rates Sinclair notes B
Standard & Poor's said it assigned a B rating to Sinclair Television Group Inc.'s proposed $500 million senior notes due 2022 with a recovery rating of 6, indicating 0% to 10% expected recovery in a default.
The agency also said it revised the recovery rating on the company's 9¼% senior secured second-lien notes due 2017 to 2, indicating 70% to 90% expected recovery, from 4, indicating 30% to 50% expected recovery.
S&P also upgraded the rating on this debt to BB from BB-.
The agency also affirmed parent Sinclair Broadcast Group Inc.'s BB- corporate credit rating.
The outlook is stable.
The ratings reflects an expectation that Sinclair will be able to keep debt-to-EBITDA ratio below 5.5x, absent a reversal of economic growth, further large debt-financed acquisitions or significant shareholder-favoring measures, S&P said.
The ratings also consider its fair business risk profile and aggressive financial risk profile, the agency said.
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