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Industry Economic And Ratings Outlook: Economic Factors Point To A Long Trudge Out Of The Recession For U.S. Media And Entertainment Jan 10
Standard & Poors, Jan 2010
Abstract
Standard & Poor's Ratings Services' base-case 2010 outlook for the U.S. media and entertainment industry is negative, based on the following fundamentals: The slow and uncertain recovery amid elevated unemployment; A corresponding recession in advertising that reflects the discretionary nature of ad spending; A downturn in non-ad-supported subsectors that rely on consumer spending; and Weak credit and equity markets. During 2009, we downgraded significantly more U.S. media and entertainment companies than we upgraded, and those that were upgraded were mainly companies that obtained acutely needed refinancing or credit facility amendments, or completed distressed tender offers. Similarly, negative outlooks or CreditWatch listings outnumbered positive outlooks or CreditWatch listings and represented roughly one-third of all media sector outlooks at year's end. This...
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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