S&P: Young Broadcasting view negative

Standard & Poor's said it affirmed Young Broadcasting Inc.'s CCC+ corporate credit rating and revised the outlook to negative from developing.

The outlook change reflects concern about the company's lengthening search for a buyer for its underperforming affiliate in San Francisco and its dwindling cash balances in the backdrop of a soft economy, S&P said.

The rating reflects the company's significant debt burden, discretionary cash flow deficit and advertising's vulnerability to economic downturns and variability during the election cycle, the agency said.

These factors are somewhat offset by Young's portfolio of major network television affiliates in small and midsize markets and the asset values of its stations, according to the agency.

For the 12 months ended March 31, the issuer's lease-adjusted debt-to-EBITDA ratio was about 23 times.

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