S&P maintains Sinclair notes

S&P said it maintained its B+ issue-level rating on Sinclair Television Group Inc.'s senior unsecured notes while also removing them from CreditWatch, where they were placed with positive implications on Nov. 27, 2017.

The 5 recovery rating is unchanged, indicating an expectation for modest recovery (10%-30%; rounded estimate: 25%) in a default scenario.

“The removal follows our review of the capital structure following Tribune Media Co.'s announcement that it terminated its merger agreement with Sinclair,” the agency said in a news release.

“Our other ratings on Sinclair, including our BB- issuer credit rating, are unchanged.”

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