S&P cuts EMAP

Standard & Poor's said it lowered its long-term corporate credit and senior unsecured debt ratings on EMAP plc to BBB- from BBB.

The agency said that the ratings remain on CreditWatch with negative implications, where they were placed on July 27, following EMAP's announcement that it was to undertake a strategic review, including a possible sale or demerger of some or all of its constituent businesses.

The past 12 months have seen a decline in the circulation and advertising sales of EMAP's consumer magazines, the agency said, adding that in the context of the continuing bidding process for all of the group's divisions, the downgrade reflects its view that none of the strategic options open to EMAP's management at present is compatible with a BBB long-term rating.

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