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Fairfax Media Ltd. Dec 09
Standard & Poors, Dec 2009
Abstract
Significant financial risk profile Structural erosion of advertising revenue from digital distribution channels Exposure to cyclical advertising volumes and a high fixed-cost base Significant market shares and good geographic and masthead diversity Diverse and high-growth portfolio of online businesses Strong free-cash-flow generation The 'BB+' long-term corporate credit rating on Australian-based Fairfax Media Ltd. (Fairfax) reflects our opinion of the media company's significant financial risk profile and exposure to ongoing structural and cyclical challenges in its core newspaper businesses. These risks are tempered by Fairfax's position as one of the leading newspaper publishers in Australia and New Zealand, its significant market positions across a portfolio of online sites, significant free-cash-flow generation, and a conservative dividend payout policy that is expected to...
Companies mentioned in this report are: Fairfax Media Ltd.,Fairfax Media Group Finance Pty Ltd.,John Fairfax Publications Pty Ltd.
Action: Review
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: Full Analysis
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