Fitch affirms Warner Music

Fitch Ratings said it has affirmed the following issuer default ratings and outstanding debt 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 at BB; and subordinated at B+; and

WMG Holdings Corp.'s issuer default rating at BB-; and senior unsecured at B.

The outlook is stable.

In addition, the agency added that the ratings on the company's term loans and revolving credit facilities have been withdrawn.

Fitch noted that the ratings are supported by WMG's strong market share, global footprint, and diversified and established content library.

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