Fitch rates Independent News & Media

Fitch Ratings said it assigned Independent News & Media plc (IN&M) an issuer default rating of BB- with a stable outlook.

At the same time, the agency said it has assigned a BB- rating to IN&M's senior unsecured debt.

Fitch noted the rating reflects the group's strong and improving business performance, diversification of risk across a number of countries and media and sound long term strategy.

These positives are severely constrained by the group's high debt levels and the fact that, despite controlling and consolidating its Australasian operations, its ownership is only 39.7%, the agency added.

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