Credit ratings agency Moody’s says that global media companies that it classifies as investment grade are well positioned to deal with the fallout from sluggish US growth and an imminent recession in Europe.
None of the 31 investment grade media companies that Moody’s covers are at high risk of a ratings downgrade in a recession. Moody’s forecasts for a global recovery over 2012 and 2013, with expected real growth of around 3.0% for G-20 economies in 2012 and 3.5% in 2013. The euro area is expected to experience a mild recession.
“Although a global economic downturn led by the US and Europe would put downward pressure on earnings for investment-grade media and entertainment companies, we believe most ratings would stand up well,” said Neil Begley, a Moody’s analyst. “But that resilience varies depending upon financial flexibility within the company’s current rating, and its exposure to cyclical revenue volatility.”
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