NEW YORK--()--Fitch Ratings has published the fifth edition of its annual 'Credit Encyclo-Media' report. This approximately 500 page piece outlines the key credit, operating, and market trends in the Media and Entertainment sector.
In this edition, Fitch includes an event risk analysis covering 11 event risk categories for each rated issuer. The report also includes rating drivers, excerpts from company transcripts relating to financial policy, portfolio summaries, corporate governance overviews, pension screeners, revenue/EBITDA segment pie charts, revenue by geography pie charts, organizational debt diagrams, covenant analysis, maturity schedules, and financial summaries for Fitch's rated portfolio.
Fitch's new report addresses issues related to disruptive technologies, over-the-top content distribution, tablets and e-books, retransmission and reverse compensation, cloud storage, and media measurement. It also provides an overview, outlook and volatility analysis for 27 different sub-sectors. Through various analyses/charts, Fitch ranks these sub-sectors by economic sensitivity, hit-driven variability and secular issues.
In addition, Fitch analyzes key credit trends in the Media and Entertainment sector including:
--Short-term Ratings / Commercial Paper
--Regulatory and FCPA
--Tax & Accounting Issues
--Parent Subsidiary Relationships
--Recovery and Notching
Fitch rated Media & Entertainment rated portfolio includes:
--CBS Corporation ('BBB'; Outlook Stable)
--Cox Enterprises ('BBB+'; Outlook Stable)
--Discovery Communications LLC ('BBB'; Outlook Stable)
--Liberty Media LLC ('BB'; Outlook Stable)
--The McGraw-Hill Companies ('A-'; Outlook Stable)
--News Corporation ('BBB+'; Outlook Stable)
--Thomson Reuters Corporation ('A-'; Outlook Stable)
--Time Warner Inc.('BBB'; Outlook Positive)
--Viacom, Inc. ('BBB+'; Outlook Stable)
--The Walt Disney Company ('A'; Outlook Stable)
Publishing, Printing, Outdoor, TV and Radio Broadcasting
--Belo ('BB'; Outlook Stable)
--Clear Channel Communications, Inc. ('CCC'; Outlook Stable)
--Clear Channel Worldwide Holdings Inc. ('B'; Outlook Stable)
--Houghton Mifflin Harcourt Publishers, Inc. ('B+'; Outlook Stable)
--The McClatchy Company ('B-'; Outlook Stable)
--R.R. Donnelley & Sons Co. ('BB+'; Outlook Negative)
--Univision Communications ('B'; Outlook Stable)
--AMC Entertainment ('B'; Outlook Negative)
--Regal Entertainment ('B+'; Outlook Stable)
Business Products/Services, Ad Agencies
--The Dun and Bradstreet Corporation ('BBB+'; Outlook Negative)
--The Interpublic Group of Companies ('BBB'; Outlook Stable)
--Pitney Bowes Inc. ('BBB'; Outlook Negative)
--The Nielsen Company ('BB'; Outlook Positive)
--Verisk Analytics Inc. ('A-'; Outlook Stable)
The report, 'Credit Encyclo-Media', is available at 'www.fitchratings.com'
Additional information is available at 'www.fitchratings.com'
Applicable Criteria and Related Research: Credit Encyclo-Media Volume V: Fitch's Comprehensive Analysis of the U.S. Media & Entertainment Sector