Fitch affirms Warner Music

Fitch Ratings said it affirmed the following ratings on Warner Music Group Corp. and its subsidiaries: Warner Music Group's issuer default rating at BB-, WMG Acquisition Corp.'s issuer default rating at BB-, senior secured BB and subordinated B+ as well as WMG Holdings Corp.'s issuer default rating at BB- and senior unsecured B.

The outlook is stable.

Fitch noted that the ratings are supported by Warner Music's strong market share, global footprint, diversified and established content library, solid credit metrics and its leadership in the digital music space.

Credit concerns include substantial challenges facing the recorded music industry related to continued declines to its physical unit sales, the agency said.

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