Fitch lifts Daily Mail view to stable

Fitch Ratings said it revised Daily Mail & General Trust plc's outlook to stable from negative.

The company's long- term issuer default rating and senior unsecured rating also were affirmed at BBB-.

The outlook revision reflects a better-than-expected pre-dividend free cash flow margin in 2018 when excluding one-off working capital changes, Fitch explained.

The ratings also reflect the group's portfolio of more stable businesses and success in managing its sizable consumer media business against a secular decline in print, the agency said.

The company now has a smaller scale, increased exposure to a declining print media business and a loss-making TV business, Fitch said.

But its management continues to finesse the company's portfolio, having identified businesses operating at scale, while investing in growth and early-stage ventures, the agency said.

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