Moody's keeps Nielsen Media on downgrade review

Moody's Investors Service said it will continue its review for downgrade of Nielsen Media Research's Baa1 senior unsecured long-term debt ratings.

The ratings under review for possible downgrade include the Baa1 senior unsecured ratings of €1.15 billion convertible debenture loan due 2006, €500 million debenture loan due 2007, 600 million of Netherlands guilder-denominated debentures due 2008, €600 million debenture loan due 2008, euro medium-term note program and issuance thereunder and the Baa1 rating of Nielsen Media Ratings Inc.'s $150 million debenture loan due 2009.

This follows the announcement that the company has agreed with IMS Health Inc. to terminate the planned merger of the two companies. At the same time, the company announced its intention to return €1 billion to shareholders, to expand cost management initiatives and to take steps to optimize the portfolio, Moody's said.

In addition, Nielsen Media Research chief executive officer, Rob van den Bergh, has announced his intention to leave the company after an orderly transition, Moody's said.

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