MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services revised its
outlook on Young Broadcasting Inc to developing from stable, after the company
said it intends to sell KRON-TV, its underperforming affiliate in San Francisco.
S&P also affirmed its ratings on Young, including the 'CCC+' corporate
credit rating.
It said the rating reflects the company's significant debt burden,
discretionary cash flow deficits, ongoing challenges at KRON-TV, and
advertising's vulnerability to economic downturns and variability during the
election cycle.
These factors are minimally offset by Young's portfolio of major network TV
affiliates in small and midsize markets and the asset values of its stations --
particularly KRON-TV, a VHF station in a top-10 market, the agency added.
TFN.newsdesk@thomson.com
jro
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