Fitch affirms Daily Mail

Fitch Ratings said it affirmed Daily Mail and General Trust's long-term issuer default rating and senior unsecured rating at BBB-.

The outlook is negative.

The ratings reflect a view that despite the volatile operating conditions in a number of the company's businesses in 2009, execution of the company's cost-cutting plans has been successful, the agency said.

While the prospect of a double-dip recession across a number of its markets cannot be discounted, Fitch said it is not factoring this likelihood into its current base case.

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