Fitch upgrades ITV

Fitch Ratings said it upgraded ITV plc's long-term issuer default rating and senior unsecured rating to BB+ from BB, respectively.

The outlook on the long-term IDR is stable.

Fitch said the upgrade is a result of ITV's progress in improving its non-TV advertising businesses, particularly in content production, as part of management's five-year transformation program.

"ITV's credit profile is much improved with a strong balance sheet, more diversified revenue mix and a core TV business which is performing well in a weak economic environment," says Damien Chew, senior director in Fitch's European Telecoms, Media and Technology team. "Management have the interesting challenge of how to best utilize a growing cash pile."

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