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Issuer Ranking: European Media And Entertainment Companies Aug 10
Standard & Poors, Aug 2010
Abstract
After a turbulent 2009, most European media companies' first and second-quarter results for 2010 indicate that the sector is experiencing a recovery. While we believe much of this can be attributed simply to easing comparatives following the 2009 data dips, organic growth rates for some companies seem to indicate that the worst of the downturn may be over. The larger rated TV broadcasters and global advertisers, in particular, reported clear revenue growth in the first half of 2010, while print media is still suffering from structural shifts in the industry. In our opinion, this top-line growth coupled with cost savings achieved during 2009 should result in improved profits over 2010. Our base-case outlook for the industry continues to be one...
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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