PE Debt Watch (Upgrades and Downgrades)

As usual, we have a weeks’ worth of ratings actions on the debt of LBO-backed companies from ratings agencies Standard & Poor’s Ratings Services and Moody’s Investors Service. Company: Gray Television Sponsor: Highland Capital Action: S&P raised its corporate credit rating on the company to ‘B’ from ‘CCC’ and removed the company from CreditWatch. Highlight: “Our 'B-' rating reflects Gray's very high debt leverage, minimal EBITDA coverage of interest, and the mature and cyclical nature of TV advertising. Minimal positive factors are the strong market positions of Gray's major network-affiliated TV stations and the good geographic diversification of its station portfolio.’

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