Hearst-Argyle's 'BBB-' ratings placed on watch evolving - Fitch |
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Published
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Tue, 16 Oct 2007 16:49
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MUMBAI (Thomson Financial) - Fitch Ratings said it has kept the 'BBB-' issuer default and senior unsecured ratings on Hearst-Argyle Television Inc (HTV) and the 'BB' ratings on its wholly-owned subsidiary Hearst-Argyle Capital Trust's convertible preferred securities on rating watch evolving.The ratings action reflects HTV's 73 pct majority owner parent Hearst Corp's tender offer to acquire all of HTV's shares of series A common stock that it does not already own has expired, and the conditions precedent to the tender offer have not been satisfied, Fitch said.The watch evolving also takes into account the uncertainty related to HTV's pro forma capital structure should a deal eventually be consummated.Fitch believes there is the possibility for further developments over the intermediate-term and said it will maintain the existing watch status until the likelihood of further action on this issue has diminished.Hearst Corp also owns a 20 pct interest in the parent company of Fitch Ratings.TFN.newsdesk@thomson.compvi/ranCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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NASDAQ
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1398.07 |
-137.50 (
-8.95 %)
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2008-12-02 ) |
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CHANGE
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CARNIVAL
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11:35am )
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1347.00 |
+51.00 (
4.02 %)
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2008-12-01 )
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INTEL CP
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4:00pm ) |
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12.56 |
-1.24 (
-9.16 %)
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2007-09-04 )
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Resolution ratings put on evolving watch - Fitch 