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Fitch assigns Gray final issuer default rating following Raycom acquisition

Fitch Ratings on Jan. 8 said it assigned a final BB- long-term issuer default rating to Gray Television Inc. following completion of the company's $3.65 billion acquisition of Raycom Media Inc.

The rating agency also assigned final issue ratings of BB+/RR1 to Gray's senior secured credit facilities and BB-/RR4 to its senior unsecured notes.

Fitch noted that the Raycom acquisition enhanced the scale and market diversity of Gray and increased its net retransmission revenues. Fitch expects the retransmission revenues to grow at a "double-digit pace over the near term."

The ratings outlook on the company is stable.