'Negative Outlook' for Tegna, Says S&P in Cutting Rating
S&P Global says there's a "negative outlook" for Tegna due to projected reductions in advertising spending related to COVID-19. "While our expectations for retransmission and political advertising revenue remain unchanged, we expect advertising revenue will decline materially over the next…
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year due to the spread of the virus," the debt ratings firm emailed Tuesday. "We could revise the outlook to stable if the pandemic has a limited effect on TEGNA's business." The already below investment grade issuer credit rating was lowered a notch to "BB-". S&P says the pandemic could affect Sinclair (see 2003190048).