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S&P Credit Research1644 word report
published Nov 06, 2009
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S&P Credit Research
| Abstract: | The ratings on Netflix Inc. reflect the risks of operating in a mature and declining video rental industry, the company's dependence on decisions made by movie studios, and the technology risks associated with delivery of video movies to the home. Netflix's good market position, though in a declining sector, good cash flow generating capabilities, ability to grow its subscriber base, and low leverage all help mitigate these risks. Netflix is the No. 1 player in the by-mail video rental market; the company has 11 million subscribers. Blockbuster is Netflix's closest competitor and has two million online subscribers. In terms of the overall rental market, Netflix is the third largest player and has a 17% share, compared with Blockbuster's 27% share
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Netflix Inc. Publication date: 06-Nov-2009 Primary Credit Analyst: Diane Shand, New York (1) 212-438-7860; diane_shand@standardandpoors.com Credit Rating: ##-/Stable/-- Rationale The ratings...
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| Report Type: | Summary
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| Issuer: | Netflix Inc
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| GICS: | Internet Retail (25502020)
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| Sector: | Global Issuers
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| Country: | United States
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| Region: | United States
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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