S&P might upgrade Sky

S&P said it placed its BBB corporate credit rating and BBB issue ratings on Sky plc on CreditWatch with positive implications.

The action follows Fox's announcement that it has reached an agreement in principle in relation to a possible offer to acquire all of the outstanding shares in Sky that it doesn't already own, at a price of £10.75 per share. This could bring Fox's ownership to 100%.

Although the announcement is non-binding and may not necessarily lead to a definite agreement, S&P said it believes there is a significant likelihood that a final agreement could be reached.

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