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Moody's lowers ITV debt to Baa3
Moody's Investors Service said it lowered to Baa3/Prime-3 from Baa2/Prime-2 the senior unsecured debt and issuer ratings of ITV plc.
The outlook is stable.
Moody's said this action follows the announcement that ITV's board has increased the amount of the cash return to shareholders to £500 million from £300 million announced at the time of the full-year results in March.
Moody's said the downgrade reflects its view that the increased pay-out, in combination with more cautious assumptions on the outlook for cash flow generation in 2006 and 2007, will result in credit metrics more consistent with a Baa3 rating.
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