Abstract: The news was mostly negative for the credit quality of European media companies in the first half of 2008. A generally tougher economic environment affected the operating performance and/or liquidity of some companies, and M&A activity was on the up. Out of the seven negative rating actions Standard&Poor's Ratings Services has taken in the sector since the beginning of 2008, five were due to weaker-than-expected operating performances, which for four of the companies downgraded had translated into deteriorated liquidity. The other two negative rating actions related to significant acquisitions made or being negotiated during the period. In first-half 2008 we assigned our first rating to a Russian TV broadcaster, CTC Media Inc. (BB-/Stable/B). We also withdrew our ratings

Brief Excerpt: RESEARCH Ratings Definitions Industry Report Card: Renewal Of M&A Activity Will Test Balance-Sheet Discipline In The European Media And Entertainment Sector Publication date: 08-Jul-2008 Primary Credit Analyst: Melvyn Cooke, Paris...

Report Type: Commentary
Sector: Corporations, Global Issuers, High Technology, Media & Entertainment, Telecommunications & Cable
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 S&P Credit Research
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.