Fitch affirms Independent News

Fitch Ratings said it affirmed Independent News & Media plc's issuer default and senior unsecured ratings at BB- and removed them from Rating Watch evolving.

The outlook is stable.

The rating action follows the company's failure to obtain approval from APN News & Media Ltd.'s shareholders for its proposed leveraged buyout of the 41%-owned subsidiary.

"In some ways this sets IN&M back to square one, but that's not a bad place to be," Alex Griffiths, director in Fitch's European TMT group, said in a written statement. "The group still holds stakes in a number of profitable and rapidly growing businesses, as well as its core UK and Irish operations."

Griffiths added, "We had never viewed the APN plan as a strategic imperative, and had reserved judgment on its rating impact until the group's plans for the proceeds were clearer. This reversal is likely to cause the group to rethink its strategy, and we will take appropriate action if and when the results of this are announced."

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