S&P upgrades ITV

Standard & Poor's said it raised its long-term corporate credit rating on ITV plc to BBB- from BB+ and also raised the short-term rating to A-3 from B.

The outlook is stable.

At the same time S&P said it raised its issue ratings on ITV's senior unsecured debt to BBB- from BB+, in line with the corporate credit ratings.

"The upgrade reflects our view that ITV's credit metrics should remain commensurate with a BBB- rating over the next few years, thanks to a financial policy that we expect to balance acquisitions with shareholder remuneration in order to preserve balance sheet strength," S&P said in a news release.

S&P said it revised its assessment of the group's financial risk profile to "intermediate" from "significant" previously. Finally, the rating action takes into consideration S&P's view of ITV's "satisfactory" business risk profile.

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