S&P revises Young Broadcasting outlook |
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Published
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Tue, 10 Apr 2007 19:39
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NEW YORK (AP) - Standard & Poor's Ratings Services on Tuesday revised its outlook on television station owner Young Broadcasting Inc. to stable from negative.The agency also affirmed ratings, including a 'CCC+' corporate credit rating.'The outlook change reflects our current expectation that the company will be able to reduce its chronic discretionary cash flow deficits, although it continues to struggle with operational challenges and high debt leverage,' credit analyst Deborah Kinzer said in a statement.S&P said the ratings reflect a significant debt burden, discretionary cash flow deficits, challenges at San Francisco station KRON-TV and advertising's vulnerability to economic downturns and variability in nonelection years. These issues are partially offset by Young's portfolio of major-network TV affiliates in small and midsize markets and the asset values of its stations.Shares of Young Broadcasting shed 10 cents to $4.48 in afternoon trading on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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