S&P: Daily Mail up to stable

Standard & Poor's said it revised its outlook on Daily Mail & General Trust plc to stable from negative.

At the same time, the BB+ long-term and B short-term corporate credit ratings, along with the BB senior unsecured debt ratings, on Daily Mail were affirmed, according to S&P.

The recovery rating on Daily Mail's senior unsecured debt is unchanged at 5.

"The outlook revision reflects the significant improvement in Daily Mail's operating performance in financial 2010, which, combined with a reduction in its pensions deficit, resulted in credit metrics commensurate with the current ratings at the beginning of October 2010," said Standard & poor's credit analyst Patrizia DAmico.

"The outlook revision also takes into account its expectation that the group's profitability and credit measures will remain in line with the BB+ rating in the medium term, despite some uncertainties regarding the effect of the government budget cuts on the U.K. economy and advertising market in 2011."

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