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Q&A: What Lies Ahead For The European Media Sector?
Standard & Poors, Feb 2010
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.
Abstract
In the following series of questions and answers, Standard & Poor's Director Raam Ratnam discusses the outlook for credit quality in the European media sector. This article was written in conjunction with a series of Q&A sessions conducted for Standard & Poor's CreditMatters TV. Last year was a very busy one, with 37 rating actions in the full year on 25 publicly rated borrowers. Predominantly, the rating actions were negative, with about nine of every 10 downgrades or downward outlook revisions. But it's not all the same across the board. We've had a comparatively fair amount of ratings stability in Europe, particularly among investment-grade borrowers. In fact, we've had some positive rating actions there. For 2010, we expect increasing ratings...
Companies mentioned in this report are: Pearson PLC,British Sky Broadcasting Group PLC,Reed Elsevier N.V.,Wolters Kluwer N.V.,Daily Mail & General Trust PLC,Gruppo Editoriale L'Espresso SpA,WPP PLC
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