Moody's eyes ratings cut for Gray Television on new debt

|About: Gray Television, Inc. (GTN)|By:, SA News Editor

Gray Television (NYSE:GTN) may face a ratings cut from Moody's after the company's transformative $3.6B deal for Raycom Media.

Moody's expects ratings on Gray's term loans and unsecured notes will come under pressure in a pro forma capital structure heavier on secured debt, and leverage ratio will likely remain high for the rating category.

Gray rose 16% during the market session today to end up at its highest point since Feb. 12.

Source: Bloomberg

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