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Issuer Ranking: European Media And Entertainment Companies Jan 10
Standard & Poors, Jan 2010
Abstract
The European media sector experienced a very testing year in 2009, which exposed the vulnerability of some business models to severe economic stress and structural shifts in media consumption and advertising. It was also a year when financial policies within the sector generally shifted to more credit-friendly initiatives, focusing on balance-sheet protection and liquidity improvement. Strong issuance levels helped to maintain or improve liquidity for most media issuers. The reopening of the high-yield market in the autumn of 2009 was an important positive factor for the liquidity profile of speculative issuers. Negative rating actions largely dominated in 2009, accounting for nearly 90% of the 37 rating actions taken. Rating activity remained sustained in the last four months of the year:...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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