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Issuer Ranking: European Media And Entertainment Companies, Strongest To Weakest Feb 11
Standard & Poors, Feb 2011
Abstract
Ratings stabilized in nearly all sectors of the media industry in 2010 on the back of a much more favorable advertising environment than we previously anticipated. This in turn led to substantial improvements in their profitability from the low levels recorded during the severe 2009 economic and advertising downturn. Companies further reaped the benefits of the strong cost controls they undertook in the previous year against the generally steep revenue declines. As a result, more than 75% of our 26 rated media issuers in Europe, the Middle East, and Africa (EMEA) now carry stable outlooks and, under our base-case scenario credit quality should remain stable throughout 2011. We base this on generally encouraging economic indicators in the largest economies, which...
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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