Moody's Investors Service upgraded Sinclair Broadcast Group's 4.875% Convertible Subordinated Notes to B1 from B2 and its subsidiary, Sinclair Television Group's (STG)
8.0% Senior Subordinated Notes to Ba3 from B1. Additionally, Moody's upgraded Sinclair's speculative grade liquidity assessment to SGL-1 from SGL-2. At the same time, Moody's affirmed all other ratings for Sinclair and STG.
"The ratings upgrade of Sinclair and STG's notes is based on Moody's Loss Given Default methodology and results solely from Sinclair's partial redemption of STG's 8% notes with proceeds from Sinclair's new 3% Convertible Senior Notes (not rated by Moody's), drawdown under STG's bank revolving credit facility and cash on hand," the ratings agency noted.