
S&P Raises Outlook On Scripps Networks
NEW YORK (
) -- Standard & Poor's has revised its outlook for
Scripps Networks Interactive
(SNI)
to stable from negative today and affirmed its A- corporate credit rating on the company.
S&P credit analyst Deborah Kinzer expects the U.S. cable network company to deliver improved operating performance in the coming months, reducing the chance of a major debt-financed acquisition.
The company saw a decline in its EBITDA margin slightly in 2010 due to higher overseas expansion costs and rebranding the Fine Living Network into the Cooking Channel, but Scripps "still remains healthy," Kinzer said in a Dec. 7 note.
"Our 'A-' corporate credit rating reflects the company's good EBITDA margin and healthy discretionary cash flow from its portfolio of ad-supported cable TV networks, anchored by HGTV, the Food Network, and the Travel Channel," Kinzer said.
Scripps is up about 1.5% today and more than 25% over the past year to $52.80.
-- Written by Theresa McCabe in Boston.
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