S&P ups Globo

Standard & Poor's said that it raised the global-scale ratings on Globo Comunicacao e Participacoes SA to BBB from BBB-.

The outlook is stable.

The upgrade reflects Globo's consistent track record of commitment to very prudent financial policies as well as improved assessment on the risks pertaining to the media business in Brazil, the agency said.

The company continues to show very strong credit metrics and liquidity, which significantly mitigates risks associated with potential volatility of cash flows, the agency added.

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