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S&P downgrades British Sky
Standard & Poor’s said it lowered the long-term corporate credit rating on British Sky Broadcasting Group plc to BBB from BBB+.
The outlook is stable.
The agency also said it lowered the long-term issue rating on the company’s senior unsecured debt to BBB from BBB+.
The downgrade follows the completion of British Sky’s acquisition of a 100% stake in Sky Italia and a 57.4% stake in Sky Deutschland from Twenty-First Century Fox Inc., together with 32% of Sky Deutschland shares purchased from other shareholders, S&P said.
These acquisitions have weakened the company’s financial risk profile to intermediate from minimal, the agency said.
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