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Block Communications Inc. Dec 11
Standard & Poors, Dec 2011
Abstract
Well-run, technically proficient cable systems; and A measure of business segment diversity. Exposure to single market in core cable segment; Two newspapers continue in secular decline; and Expectation that newspapers will continue to generate negative EBITDA. The ratings on Toledo, Ohio-based media and cable TV operator Block Communications Inc. reflect limited business and geographic diversity; Standard & Poor's Ratings Services' expectation of continuing, substantial cash drain from the newspaper segment; and an 'aggressive' financial profile (as defined in our criteria). The rating does recognize that despite lack of scale economies, Block's key cable TV unit has performed well and generated better-than-average operating metrics. To reported debt of about $255 million at Sept. 30, 2011, we add approximately $115 million of...
Companies mentioned in this report are: Block Communications Inc.
Action: Review
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
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