Fitch Solutions: CDS Liquidity Rising for Travel & Leisure; Media CDS Widens

NEW YORK & LONDON--(Business Wire)--
In another heavy week of earnings announcements, several travel & leisure
companies are showing rising liquidity with tightening spreads, while spreads
are widening among some major media companies, according to Fitch Solutions in
its latest update on Global CDS Spreads/Liquidity Scores for companies scheduled
to come out with earnings announcements in the coming week.

'There remains concern in the travel and leisure sector, despite tightening
spreads, of the strength in the pick up in consumption on hotels, car rental,
luxury cruises and gambling,' said Author and Managing Director Thomas Aubrey.
'Additionally, widening spreads among cable and media companies may be pointing
to prolonged tension between various U.S. television networks and their
affiliates regarding cable and satellite television revenues.'

North America:

AmerisourceBergen Corporation (CONSUMER SERVICES/Food & Drug Retailers)

Credit spreads have widened over the last three months with the five-year point
widening from 38 bps to 49 basis points (bps), an increase of 31%. Liquidity on
AmerisourceBergen Corporation decreased from trading in the 51st percentile to
the 59th percentile. Its liquidity score decreased from 9.10 to 9.61 over the
three-month period.

Avis Budget Group, Inc. (CONSUMER SERVICES/Travel & Leisure)

Credit spreads have tightened over the last three months with the five-year
point tightening from 869 bps to 631 bps, a decrease of 27%. Liquidity on Avis
Budget Group, Inc. increased from trading in the 12th percentile to the seventh
percentile. Its liquidity score decreased from 7.45 to 7.47 over the three-month
period.

Cablevision Systems Corporation (CONSUMER SERVICES/Media)

Credit spreads have tightened over the last three months with the five-year
point tightening from 427 bps to 395 bps, a decrease of 8%. Liquidity on
Cablevision Systems Corporation increased from trading in the 44th percentile to
the 24th percentile. Its liquidity score increased from 8.80 to 8.25 over the
three-month period.

Cardinal Health, Inc. (CONSUMER SERVICES/Food & Drug Retailers)

Credit spreads have widened over the last three months with the five-year point
widening from 36 bps to 51 bps, an increase of 41%. Liquidity on Cardinal
Health, Inc. decreased from trading in the 26th percentile to the 29th
percentile. Its liquidity score decreased from 8.11 to 8.41 over the three-month
period.

CBS Corporation (CONSUMER SERVICES/Media)

Credit spreads have tightened over the last three months with the five-year
point tightening from 221 bps to 186 bps, a decrease of 16%. Liquidity on CBS
Corporation remained trading in the first percentile. Its liquidity score
decreased from 6.63 to 6.89 over the three-month period.

Comcast Corporation (CONSUMER SERVICES/Media)

Credit spreads have widened over the last three months with the five-year point
widening from 89 bps to 146 bps, an increase of 64%. Liquidity on Comcast
Corporation decreased from trading in the 14th percentile to the 15th
percentile. Its liquidity score decreased from 7.51 to 7.82 over the three-month
period.

CVS Caremark Corporation (CONSUMER SERVICES/Food & Drug Retailers)

Credit spreads have widened over the last three months with the five-year point
widening from 40 bps to 50 bps, an increase of 24%. Liquidity on CVS Caremark
Corporation decreased from trading in the 18th percentile to the 20th
percentile. Its liquidity score decreased from 7.74 to 8.08 over the three-month
period.

International Game Technology (CONSUMER SERVICES/Travel & Leisure)

Credit spreads have tightened over the last three months with the five-year
point tightening from 187 bps to 116 bps, a decrease of 38%. Liquidity on
International Game Technology decreased from trading in the 47th percentile to
the 70th percentile. Its liquidity score decreased from 8.89 to 10.17 over the
three-month period.

MGM MIRAGE (CONSUMER SERVICES/Travel & Leisure)

Credit spreads have tightened over the last three months with the five-year
point tightening from 1370 bps to 1163 bps, a decrease of 15%. Liquidity on MGM
MIRAGE increased from trading in the 17th percentile to the 12th percentile. Its
liquidity score decreased from 7.68 to 7.72 over the three-month period.

Omnicare, Inc. (CONSUMER SERVICES/Food & Drug Retailers)

Credit spreads have tightened over the last three months with the five-year
point tightening from 390 bps to 317 bps, a decrease of 19%. Liquidity on
Omnicare, Inc. increased from trading in the 61st percentile to the 49th
percentile. Its liquidity score increased from 9.72 to 9.12 over the three-month
period.

Royal Caribbean Cruises Ltd. (CONSUMER SERVICES/Travel & Leisure)

Credit spreads have tightened over the last three months with the five-year
point tightening from 701 bps to 542 bps, a decrease of 23%. Liquidity on Royal
Caribbean Cruises Ltd. increased from trading in the 28th percentile to the 23rd
percentile. Its liquidity score decreased from 8.15 to 8.21 over the three-month
period.

Sinclair Broadcast Group, Inc. (CONSUMER SERVICES/Media)

Credit spreads have tightened over the last three months with the five-year
point tightening from 2210 bps to 951 bps, a decrease of 57%. Liquidity on
Sinclair Broadcast Group, Inc. decreased from trading in the 78th percentile to
the 98th percentile. Its liquidity score decreased from 10.89 to 16.84 over the
three-month period.

Sysco Corporation (CONSUMER SERVICES/Food & Drug Retailers)

Credit spreads have tightened over the last three months with the five-year
point tightening from 39 bps to 34 bps, a decrease of 11%. Liquidity on Sysco
Corporation decreased from trading in the 71st percentile to the 81st
percentile. Its liquidity score decreased from 10.37 to 11.38 over the
three-month period.

Thomson Reuters Corporation (CONSUMER SERVICES/Media)

Credit spreads have tightened over the last three months with the five-year
point tightening from 76 bps to 65 bps, a decrease of 15%. Liquidity on Thomson
Reuters Corporation decreased from trading in the 84th percentile to the 96th
percentile. Its liquidity score decreased from 11.88 to 15.66 over the
three-month period.

Time Warner Cable, Inc. (CONSUMER SERVICES/Media)

Credit spreads have widened over the last three months with the five-year point
widening from 90 bps to 159 bps, an increase of 77%. Liquidity on Time Warner
Cable, Inc. increased from trading in the 25th percentile to the 16th
percentile. Its liquidity score increased from 8.1 to 7.86 over the three-month
period.

Time Warner Inc. (CONSUMER SERVICES/Media)

Credit spreads have widened over the last three months, the five-year point
widened from 40 bps to 56 bps, an increase of 37.69%. Liquidity on Time Warner
Inc. increased from trading in the 16th percentile to the 12th percentile. Its
liquidity score decreased from 7.64 to 7.73 over the three-month period.

Viacom Inc (CONSUMER SERVICES/Media)

Credit spreads have widened over the last three months with the five-year point
widening from 87 bps to 90 bps, an increase of 4%. Liquidity on Viacom Inc
decreased from trading in the 27th percentile to the 40th percentile. Its
liquidity score decreased from 8.13 to 8.74 over the three-month period.

Europe:

British Airways plc (CONSUMER SERVICES/Travel & Leisure)

Credit spreads have tightened over the last three months with the five-year
point tightening from 691 bps to 522 bps, a decrease of 24%. Liquidity on
British Airways plc decreased from trading in the fourth percentile to the
seventh percentile. Its liquidity score decreased from 7.4 to 7.67 over the
three-month period.

FirstGroup plc (CONSUMER SERVICES/Travel & Leisure)

Credit spreads have tightened over the last three months with the five-year
point tightening from 258 bps to 180 bps, a decrease of 30%. Liquidity on
FirstGroup plc decreased from trading in the 76th percentile to the 88th
percentile. Its liquidity score decreased from 10.44 to 12.06 over the
three-month period.

ITV PLC (CONSUMER SERVICES/Media)

Credit spreads have tightened over the last three months with the five-year
point tightening from 447 bps to 410 bps, a decrease of 8%. Liquidity on ITV PLC
decreased from trading in the third percentile to the ninth percentile. Its
liquidity score decreased from 7.33 to 7.7 over the three-month period.

Asia:

Oriental Land Co., Ltd (CONSUMER SERVICES/Travel & Leisure)

Credit spreads have tightened over the last three months with the five-year
point tightening from 47 bps to 36 bps, a decrease of 23%. Liquidity on Oriental
Land Co., Ltd increased from trading in the 73rd percentile to the 64th
percentile. Its liquidity score increased from 12.57 to 12.37 over the
three-month period.

Author Contact: Thomas Aubrey +44 (0)20 7682 7226, London or Jonathan Di
Giambattista +1-212-908-0273, New York.

Fitch Solutions, a division of the Fitch Group, focuses on the development of
fixed-income products and services, bringing to market a wide range of data,
analytical tools and related services. The division is also the distribution
channel for Fitch Ratings content.

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Fitch Solutions
Peter Fitzpatrick, + 44 (0)20 7417 4364 (London)
peter.fitzpatrick@fitchratings.com
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com

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