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S&P Revises Sinclair Broadcast Group Credit Outlook To Negative (From Positive) On Coronavirus Pressure

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S&P International Thursday revised the credit score outlook for Sinclair Broadcast Group to detrimental from constructive given mixed strain from the coronavirus and the debt-funded acquisition final 12 months of the Fox Sports activities Networks.

Sinclair acquired the networks for $9.6 billion, funded with $8.9 billion in debt.

“We consider there may be nonetheless a path for Sinclair to scale back its leverage in 2020 as a consequence of its comparatively steady distribution income and an anticipated improve in political promoting income, although uncertainty stemming from coronavirus creates the chance that the corporate might be unable to attain this,” S&P stated. The detrimental outlook displays uncertainty across the extent of coronavirus’ affect on the corporate’s efficiency and its skill to scale back its leverage comfortably under 5.5x over the subsequent 12 months.”

We might decrease the ranking on Sinclair if a chronic promoting recession reduces the corporate’s promoting income. The company additionally stated its earlier estimates assumed that video distributors that hadn’t beforehand provided the regional sports activities networks (equivalent to Marquee) would add the channels to their lineup when the 2020 MLB season started. So additional delays to sporting occasions might delay the timeline for the regional sports activities networks to achieve carriage and forestall the corporate from enhancing its working earnings.

It stated it might revise the outlook on Sinclair to steady if the virus has a extra restricted impact on the corporate’s enterprise over the subsequent 12 months.

COPYRIGHT_BP: Published on https://bingepost.com/sp-revises-sinclair-broadcast-group-credit-outlook-to-negative-from-positive-on-coronavirus-pressure/67268/ by Cecilia Jones on 2020-03-19T19:55:37.000Z

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Cecilia Jones

Cecilia Jones - Cecilia Jones loves to write about movies, music, and the most popular and exciting news.

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