Hearst-Argyle's corporate credit ratings affirmed with stable outlook - S&P |
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Fri, 19 Oct 2007 06:40
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has affirmed Hearst-Argyle Television Inc's 'BBB-' corporate credit ratings with a stable outlook and removed them from positive watch.The rating on Hearst-Argyle reflects the company's good portfolio of major-network-affiliated TV stations in large and midsize markets, its moderate financial policies, broadcasting's good margin and discretionary cash flow potential, and resilient station asset values, added the ratings agency.'The rating action is based on the expiration of the tender offer by the New York City-based company's parent, Hearst Corp, to acquire all of Hearst-Argyle's shares that it does not already own,' said Debbie Kinzer, S&P's credit analyst.S&P said, Hearst Corp announced that it will promptly return all Hearst-Argyle shares that were previously tendered pursuant to the offer.tfn.newsdesk@thomson.comsim/manCOPYRIGHTCopyright 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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Hearst-Argyle's 'BBB-' ratings placed on watch evolving - Fitch 