Moody's upgrades ITV

Moody's Investors Service said it upgraded ITV plc's corporate family and probability of default ratings and senior unsecured ratings to Ba2 from Ba3.

The outlook is stable.

The upgrade reflects ITV's strong operating performance in 2010 and the significant improvement in its credit metrics, Moody's said.

The upgrade also considers its solid liquidity profile, the agency said.

While ITV's strong credit metrics alone may merit a higher credit rating, the ratings cautiously take into account the company's considerable exposure to the cyclical nature of TV advertising spending and the company's high operating leverage, Moody's said.

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