Fitch ups ITV

Fitch Ratings said it upgraded ITV plc's long-term issuer default rating and senior unsecured rating to BB from BB-.

The outlook is stable.

The upgrade reflects ITV's improved financial position and credit metrics after a better-than-expected performance in the first half of 2010, Fitch said, as well as medium-term clarity on the company's funding of its pension liability.

The recovery of advertising revenue thus far in 2010 and good cost control have driven ITV's improved financial position, the agency said.

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