Fitch changes Daily Mail to negative

Fitch Ratings said it revised Daily Mail & General Trust plc's (DMGT) outlook to negative from stable and affirmed its long-term issuer default rating and senior unsecured rating at BBB-.

Fitch said the ratings reflect a balance between the group's business-to-business (B2B) assets that are largely well-positioned and geographically diversified and a sizeable exposure to print advertising and circulation, which are in structural decline.

“The group's strategy to improve the focus and performance of its asset portfolio is ongoing but in the interim, has increased DMGT's exposure to print,” the agency said in a news release.

“At the same time, performance in B2B is trending below our expectations while visibility on stability and growth of the core B2B assets is reduced.”

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