Summary: Rovi Corp. Feb 12

Standard & Poors, February 2012

Abstract
The rating on Santa Clara, Calif.-based Rovi Corp. reflects Standard & Poor's Ratings Services' expectation that the company's good operating performance will continue as new product rollouts offset a decline in legacy analog products. Rovi Entertainment Store, formerly RoxioNow, has the potential to open up another significant revenue stream for the company, but it will indirectly compete against several sizable firms, including Netflix Inc., Amazon.com, and Apple Inc.'s iTunes. We consider Rovi's business risk profile as "fair" (as predefined in our criteria), based primarily on its good EBITDA margin and high barriers to entry, partly offset by its narrow business platform and significant technology risk. We assess its financial risk profile as "significant," based on its somewhat high pro forma...

Companies mentioned in this report are: Rovi Corp.
Action: Review

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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.

Rovi Corp.

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