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S&P affirms Getty
Standard & Poor's said it affirmed Getty Images Inc.'s BB corporate credit rating following the company's announcement that it is exploring strategic alternatives.
The outlook is negative.
The agency said it believes a sale of the company could potentially result in a weakened credit profile, but that current unfavorable economic and credit market conditions suggest a lower probability of a transaction within the next three months.
Ratings reflect risks related to its limited business diversity, its reliance on sales to the cyclical advertising and publishing industries, the trend of organic revenue decline and secular pressures related to the unfavorable economics of digital migration, S&P said.
The company's good competitive position in the niche market for stock imagery, solid discretionary cash flow generation and low leverage partially offset these risks, the agency said.
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