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S&P keeps Warner Music on watch
Standard & Poor's said its ratings for Warner Music Group, including the BB- corporate credit rating, remain on CreditWatch with negative implications.
The agency said that the ratings have been on CreditWatch because of its concern about the company's interest in EMI Group plc.
S&P noted that it still sees uncertainty surrounding management's alternate strategies following Warner Music's statement that it will not submit a competing bid for EMI.
In addition, year-over-year revenue and EBITDA decreased by roughly 2% and 8%, respectively, in the company's second fiscal quarter ended March 31, S&P said.
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