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Allbritton Communications Co.
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Competitive local news programming Relatively good EBITDA margin in a peer comparison Limited portfolio diversity--reliance on one network and one major market station Vulnerability to prime-time rating trends at the ABC Network Ad revenue volatility resulting from economic and election cycles High debt leverage Track record of shareholder-favoring financial policies Standard & Poor's Ratings Services' 'B' rating on Arlington, Va.-based TV broadcaster Allbritton Communications Co. reflects the company's still-high debt leverage, earnings and cash flow concentration from a small TV station portfolio, and a track record of shareholder-favoring financial policies. We regard Allbritton's business risk profile as weak because of its lack of critical mass and its small revenue base concentrated in a limited number of TV markets and affiliated...
Companies mentioned in this report are: Allbritton Communications Co.
Action: Review
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