Oct 23 -
-- 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.
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