Research Update: United Business Media Outlook Revised To Stable On Acquisition Of Canon Communications; 'BBB-/A-3' Ratings Affirmed Sep 10

Standard & Poors, September 2010

Abstract
Diversified business media group United Business Media Ltd. (UBM) has reached an agreement to acquire Canon Communications LLC. We are revising the outlook on UBM to stable from positive and affirming the 'BBB-/A-3' corporate credit ratings on the group. The stable outlook is predicated on adequate liquidity and satisfactory completion of the refinancing on a timely basis. The stable outlook reflects our view that UBM will generate strong cash flows, and that these will substantially be deployed toward deleveraging. On Sept. 21, 2010, Standard & Poor's Ratings Services revised the outlook on diversified business media group United Business Media Ltd. (UBM) to stable from positive. At the same time, the 'BBB-' long-term and 'A-3' short-term corporate credit ratings on UBM...

Companies mentioned in this report are: United Business Media,UBM PLC
Action: Affirmed
Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

United Business Media,UBM PLC

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