Fitch cuts ITV to BB+

Fitch Ratings said it downgraded ITV plc's long-term issuer default rating and senior unsecured rating to BB+ from BBB-, along with its short-term issuer default rating to B from F3.

The outlook is stable.

The downgrade follows further downward revisions by Fitch for the United Kingdom advertising market over the medium term, the agency said. The BB+ rating level allows room for deterioration in ITV's financial metrics due to cyclical factors, Fitch said.

Conversely, continued strong operating performance, better-than-expected ad revenue performance and ITV gaining revenue and profit traction from its revised online and production strategies could put positive momentum back into the rating, the agency said.

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