S&P: ITV view up to stable

Standard & Poor's said it revised the outlook on ITV plc to stable from negative, and affirmed its B+ long-term and B short-term corporate credit ratings. The recovery rating of 4 on all of its outstanding bonds is unchanged, indicating a 30% to 50% recovery for unsecured creditors in the event of a default. The outlook revision reflects the agency's view that ITV's credit measures will likely improve in 2010. This is based on the recent recovery in ITV's advertising revenues reported in the first quarter of 2010 and the group's anticipation of further material growth over the next quarter, S&P said.

Given the group's high operating leverage, the agency said it anticipates top-line growth can rapidly translate into an improvement in profitability.

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