S&P: ITV notes revised to 3

Standard & Poor's said it revised to 3 from 4 the recovery rating on the unsecured notes issued by ITV plc.

The recovery rating reflects 50% to 70% expected recovery in a default.

The agency also said it affirmed the rating on the unsecured notes at BB, in line with the long-term corporate credit rating on ITV.

The revised recovery rating follows ITV's deleveraging of its capital structure, mostly through its recent repurchase of some of the unsecured notes, S&P said.

Therefore, it is forecasted that less unsecured debt would be outstanding at the hypothetical point of default in 2016, the agency said.

The ratings are supported by the valuation of ITV as a going concern, given the strength of its brand, licenses, programming rights, market share and industry knowledge and experience, S&P said.

On the other hand, the recovery rating is limited by the unsecured nature of the notes, the agency added.

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