S&P: Bertelsmann, Sony, EMI, WMG, Vivendi unchanged

Standard & Poor's said that its ratings on Bertelsmann AG (BBB+/Watch negative/A-2), Sony Corp. (A-/stable/A-2), EMI Group plc (BB+/negative/B), WMG Acquisition Corp. (B+/stable) and Vivendi SA (BBB/stable/A-2) remained unaffected by the European Court of First Instance's annulment of the European Commission's approval of the merger, in 2004, of Sony's and Bertelsmann's recorded music divisions to form Sony BMG.

"According to the court, the commission failed to satisfactorily demonstrate the absence of a collective dominant position in the recorded music market," said S&P credit analyst Patrice Cochelin.

"This decision can be appealed during the next two months and its consequences are as yet unclear."

For now, the agency said that the main risk is additional management distraction at Bertelsmann, as the group's recorded music division faces a potentially large challenge.

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