S&P: ITV positive

Standard & Poor's said it revised its outlook on ITV plc to positive from stable.

At the same time, the agency said it affirmed its BB+/B long- and short-term corporate credit ratings on ITV.

The agency also affirmed its BB+ issue ratings on ITV's senior unsecured debt. The recovery rating on these notes is unchanged at 3, indicating an expectation of meaningful recovery for unsecured creditors in the event of a payment default.

S&P said the rating action reflects its revised assessment of ITV's business risk profile to satisfactory from fair, following steady and significant improvement at its broadcasting operations and solid performance at its content production business, ITV Studios.

The rating also reflects ITV's strong credit metrics for the current ratings, which, if sustained over the next 12 months, would be commensurate with an investment-grade rating, taking into account ITV's stronger business risk profile.

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