Moody's upgrades LIN TV ratings

Moody's Investors Service said it upgraded LIN TV Corp.'s long-term ratings (senior implied to Ba2) and confirmed the company's SGL-1 speculative grade liquidity rating.

Ratings upgraded include the company's $192 million senior secured revolver to Ba1 from Ba2, $175 million term B to Ba1 from Ba2, $210 million of senior notes to Ba3 from B1, $200 million of senior subordinated notes to B1 from B2, $100 million of senior subordinated debentures to B1 from B2, senior implied rating to Ba2 from Ba3, and senior unsecured issuer rating to Ba3 from B1.

The outlook has been changed to stable from positive.

The upgrades reflect the company's notably stronger balance sheet, diminished concerns regarding event risk and positive expectations for 2004 financial performance. These strengths are tempered by concerns about relatively weak performance in 2003, particularly in comparison to guidance and the still active acquisition strategy of the company, the agency said.

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