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Fitch affirms Warner Music
Fitch Ratings said it affirmed Warner Music Group Corp.'s issuer default rating at BB-, along with WMG Holdings Corp.'s issuer default rating at BB- and unsecured notes at B.
The agency also said it affirmed WMG Acquisition's issuer default rating at BB-, secured notes at BB and subordinated notes at B+.
The outlook is revised to negative from stable.
The outlook revision reflects the disappointing results in the most recent quarter ending Dec. 31, 2010, despite a robust release scheduled that included Kid Rock, Michael Buble, Bruno Mars and T.I., Fitch said.
Fitch noted that Green Day and REM are expected to have releases in the spring, which could provide improved operating performance, compared to relatively easier prior year comparisons due to the light release schedule in 2010.
The agency also has become more concerned about the accelerating pace of declines in non-digital revenues.
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