Research (J&T BANKA)
Czech markets  |  November 12, 2012 09:12:51

Moody's downgraded the debt rating outlook to negative CME

Moody's on Friday lowered the debt rating outlook on CME from positive to negative. Grade remains B3. Moody's said that the main reasons for the reduced outlook are expected high level of debt the company at the end of the year, poor outlook for the advertising market and the expectation that the negative free cash flow persists in the next year. On the contrary, leaving Moody's B3 rating supports that the main shareholder of Time Warner alone has substantially higher debt rating company successfully refinanced debt until 2015 and has a dominant market share.Rating could be lowered if the decline in viewership stations CME and the associated increase in relative debt ratio (debt to income). We consider the negative, but after a reduced outlook from CME could be expected by the market.

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Moody´s snížila výhled dluhového ratingu CME na negativní

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