Moody’s upgrades ITV

Credit ratings agency Moody’s has upgraded ITV’s debt ratings after the UK broadcaster reported an increase in ad revenues. 

“We have upgraded ITV’s rating to Baa3 [from Ba1] primarily because the company has continued to successfully increase its total non-net advertising related revenues, by 23% since 2012, as a proportion of its total external revenues, while also reducing its leverage,” said Moody’s lead analyst for ITV Christian Azzi.

“The upgrade also reflects our expectation that ITV’s high-quality content will continue to support the company’s share of advertising and share of viewing, and that the latter, as well as the company’s share of commercial impact, is likely to stabilise in 2013 and increase in 2014.”