Summary: Newport Television Holdings LLC Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services' corporate credit rating on Kansas City, Mo.-based TV broadcaster Newport Television Holdings LLC reflects the company's "less-than-adequate" liquidity (as we define the term in our criteria), high ratio of debt to EBITDA, and sensitivity to election cycles, as well as TV broadcasting's mature revenue growth prospects. We consider the company's business risk profile as "weak" because of the undistinguished market position of many of its stations and the company's relatively low EBITDA margin compared with peers. Newport's ratio of lease-adjusted debt to EBITDA of 7.4x underpins our view that the company's financial risk is "highly leveraged." Newport operates 59 TV stations in 21 markets ranked from No. 32 to No. 202, reaching about 8.5% of...

Companies mentioned in this report are: Newport Television Holdings LLC
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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Newport Television Holdings LLC

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