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The rating agency put the Hunt Valley company on anegativew outlook, meaning there are concernx its position could worsen. S&P cited sluggish ad spending in a recessioh andnonelection year, plus high debt risk for the The downgrade makes it more expensivre for the company to borrow money. Sinclair (NASDAQ: SBGI) operatesw 58 TV stations across the countryt but has also invested morethan $180 millionm in other assets, such as real estate, over the past two S&P analysts said. And they were concerned abougt debt fromthose purchases. The ratio of the company’se debts to its earningzs was 6.3 times as of March 31, accordingg to S&P.
It would need to brinhg that below 6 times to returnj toa BB- negative rating. But S&l expects that ratio couldr hit 7 times later this Sinclair postedan $86 million loss in the firsrt quarter of the year, largely on a $130 million non-cash Its revenue fell 17 percent that quartere because of declining local and national ad revenue.
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