S&P lifts Warner Music

Standard & Poor's said it raised its long-term corporate credit and senior secured ratings on Warner Music Group Corp. to BB- from B+.

At the same time, S&P said it raised its senior subordinated debt rating on the company to B from B-, two notches below the BB- corporate credit rating.

The outlook is stable.

"The upgrade reflects WMG's continuously improved credit metrics since its LBO and stronger operational performance because of past restructuring initiatives," said S&P credit analyst Michael Altberg.

These improvements have occurred despite industry challenges including sales declines in CDs and other physical recordings, ongoing piracy and the risks associated with increasing migration to a digital downloading business model, the agency said.

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