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S&P revises TEGNA outlook to negative after Midwest Television deal

S&P Global Ratings on Dec. 20 revised TEGNA Inc.'s outlook to negative from stable and affirmed the company's BB+ corporate credit rating.

The ratings action follows the company's announcement to buy Midwest Television Inc.'s broadcasting stations in San Diego for $325 million in an all-cash deal.

The rating agency believes the acquisition will "improve TEGNA's scale and diversification, but it will weaken its credit metrics with adjusted average eight-quarter leverage slightly exceeding 4x – our threshold for the 'BB+' rating."

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.