Summary: Getty Images Inc. Jan 12

Standard & Poors, January 2012

Abstract
The ratings on Delaware-based digital media provider Getty Images Inc. reflect Standard & Poor's Ratings Services' expectation that its financial profile will remain "aggressive" (based on our criteria) because of its private-equity ownership. We regard Getty' business profile as "fair" (as defined in our criteria) because of its leading market position. This is tempered by our expectation that unfavorable secular trends related to digital migration will continue to put some pressure on the company's traditional business. We expect Getty' business to remain cyclical, and revenue and EBITDA should continue growing over the near term. While we believe this scenario could cause credit metrics to improve in the short term, we believe leverage will remain high over the long term because...

Companies mentioned in this report are:
- Getty Images Inc.

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Getty Images Inc.

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