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ITV plc -- Moody's affirms ITV's Baa3 ratings with a stable outlook

Moody's Investors Service ("Moody's") has today affirmed the Baa3 issuer rating of ITV plc (ITV or the company). Concurrently, Moody's also affirmed the Baa3 instrument rating on the senior unsecured notes issued by ITV plc. The outlook is stable. "ITV's Baa3 rating is supported by (1) the company's strong broadcasting franchise and well-established programming operations in the United Kingdom, (2) the track record of growing share of viewing (SOV) over the last three years, (3) the diversification of the business through investments into the faster-growing ITV Studios and online segments, and (4) the fairly modest Moody's adjusted leverage ratio at 1.8x as of the end of 2018 although it is expected to increase moderately in the next 12 months", says Sebastien Cieniewski, Moody's lead analyst for ITV.