Fitch ups Daily Mail view to stable

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

The ratings consider the company's performance through the economic downturn and the degree to which it has improved operating margins, as evidenced in its reported numbers for the year to September 2010, Fitch said.

The stable outlook reflects a view that the portfolio of businesses currently represented by the company has shown resilience and an ability to withstand harsh economic conditions in both the United Kingdom and the United States, the agency said.

Management has steered the company through difficult economic times and it has exited the recession more operationally efficient than when it entered the downturn, Fitch added.

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