TEXT-S&P revises ITV outlook to positive;affirms 'BB+/B' ratings

Tue Oct 23, 2012 4:17am EDT

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Oct 23 -

Overview

-- Following U.K. broadcaster ITV PLC's steady and significant improvement at its broadcasting operations and solid performance at its content production business, ITV Studios, we are raising our assessment of its business risk profile to "satisfactory" from "fair."

-- We are revising our outlook on ITV to positive from stable and affirming our 'BB+/B' long- and short-term ratings.

-- The positive outlook reflects our revised assessment of ITV's business risk profile, and the possibility of a one-notch upgrade over the next 12 months if we saw the company's financial policy and credit metrics as durably commensurate with an investment-grade rating.

Rating Action

On Oct. 23, 2012, Standard & Poor's Ratings Services revised its outlook on U.K. broadcaster ITV PLC (ITV) to positive from stable. At the same time, we affirmed our 'BB+/B' long- and short-term corporate credit ratings on ITV

We also affirmed our 'BB+' issue ratings on ITV's senior unsecured debt. The recovery rating on these notes is unchanged at '3', indicating our expectation of meaningful (50%-70%) recovery for unsecured creditors in the event of a payment default.

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