Moody’s gives Sinclair Television notes B1

Moody's Investors Service said it assigned a B1 rating to the proposed $350 million senior unsecured notes of Sinclair Television Group, Inc., a subsidiary of Sinclair Broadcast Group, Inc.

Proceeds will be used for repayment of outstanding revolver balances and general corporate purposes. The revolver was drawn largely to fund the acquisition Tennis Channel, Inc. stock for a total purchase price of $350 million on March 1.

There is no immediate impact to Sinclair's debt ratings or stable outlook as Moody's expects revenue and EBITDA growth over the next 12 months will improve financial credit metrics and better position the company in the Ba3 corporate family rating.

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