S&P assigns B rating to Sinclair notes

S&P said it assigned its B issue-level rating and 6 recovery rating to Sinclair Broadcast Group Inc. subsidiary Sinclair Television Group Inc.’s proposed $500 million senior unsecured notes due in 2030. The 6 recovery rating indicates S&P’s expectation for negligible (0%-10%; rounded estimate: 0%) recovery for lenders in the event of a payment default.

Sinclair plans to use the proceeds to repay Sinclair Television’s $500 million 6 1/8 % senior unsecured notes due in 2022.

The offering won’t affect net leverage, so Sinclair’s BB- rating and positive outlook are unchanged, S&P said.

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