Moody's: Antenna view negative

Moody's Investors Service said it changed the outlook on Antenna Group SA's B2 corporate family rating to negative from stable.

The negative outlook reflects the significant downward trend in the TV advertising market in Greece from 2009 onwards, Moody's said, in which Antenna generates more than 75% of its revenues.

The negative outlook also considers an expectation that there will be further decline at least through the first half of 2011, with limited visibility as to the timing of a recovery, the agency said.

But Moody's noted that Antenna's unaudited results for the first half of 2010 showed revenues growing by about 12% despite a decline in the TV advertising market.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.