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Rating Action:

Moody's upgrades Local TV ratings - CFR, PDR to Caa1

15 Jun 2010

Approximately $500 million of rated debt affected

New York, June 15, 2010 -- Moody's Investors Service upgraded the corporate family rating and probability of default rating for Local TV Finance LLC (Local TV), each to Caa1 from Caa2, based on expectations for improved credit metrics due to the recently announced station acquisition and better than expected operating performance. The company can fund the acquisition and modest related expenses from balance sheet cash without materially depleting its strong liquidity position, and we anticipate the incremental cash flow will over time contribute to ongoing declines in financial leverage.

Moody's also upgraded instrument ratings as shown below, and the rating outlook is now stable. A summary of today's actions follows.

Local TV Finance, LLC

....Probability of Default Rating, Upgraded to Caa1 from Caa2

....Corporate Family Rating, Upgraded to Caa1 from Caa2

....Senior Secured Bank Credit Facility, Upgraded B2, LGD2, 28% from B3, LGD2, 29%

....Senior Unsecured Bonds, Upgraded to Caa2, LGD5, 82% from Caa3, LGD5, 84%

....Outlook, Stable

Local TV's Caa1 corporate family rating incorporates its high financial leverage (approximately 10.6 times for the trailing twelve months through March 31, 2010), which poses challenges for managing a business vulnerable to advertising spending cycles, and is only partially tempered by the company's strong liquidity position. Lack of scale also constrains the rating, although the company benefits from a station portfolio with diverse network affiliations and leading audience positions. These assets, combined with Local TV's continued local market focus and good margins, create the capacity to generate strong unlevered cash flow. Ratings are also impacted by the fact that the company notably continues to face fierce competition for advertising dollars related to ongoing media fragmentation.

The stable outlook reflects expectations that Local TV will maintain its strong liquidity position, will generate positive free cash flow, and that leverage will trend toward less than 10 times debt-to-EBITDA on a two year average basis.

The most recent rating action for Local TV occurred on July 29, 2009. At that time Moody's lowered the corporate family rating to Caa2 from Caa1.

The principal methodology used in rating Local TV was Moody's Global Broadcast Industry Methodology, published in June 2008 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. Additional information on the company can be found in the associated Credit Opinion on Moody's website at www.moodys.com.

Formed in early 2007 through the acquisition of nine television stations from the New York Times Company, Local TV Finance, LLC (Local TV), owns nine television stations (increasing to 10 with the acquisition of CW affiliate WGNT from CBS, expected to close in Q3 2010) located in 8 mid-size markets (DMAs 43 to 100) across the United States. Local TV's parent company is 95% owned by affiliates of Oak Hill Capital Partners. The company maintains headquarters in Fort Wright, Kentucky and its revenue for the trailing twelve months through March 31, 2010, was approximately $140 million.

New York
Karen Berckmann
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Russell Solomon
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's upgrades Local TV ratings - CFR, PDR to Caa1
No Related Data.
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