Fitch affirms ITV

Fitch Ratings said it affirmed ITV plc's long-term issuer default rating at BBB- with a stable outlook and short-term issuer default rating at F3. The company's senior unsecured debt rating is also affirmed at BBB-.

The affirmation reflects early indications that the turnaround at ITV is on course, Fitch said.

There's a potential downside risk to the long-term issuer default rating, however, due to a deeper-than-expected economic slowdown accompanied by a fall in advertising spending, Fitch said.

Ratings allow for a degree of cyclical fluctuation and recognize that for ad-funded media companies this means a lower level of leverage than peers with different revenue sources, the agency added.

Ratings are supported by very strong liquidity position, which gives it significant flexibility to navigate a downturn, Fitch said.

Ratings also reflect ITV's position as the U.K.'s leading commercial broadcaster in terms of viewing share, the agency said.

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