Fitch Assigns ITV's Senior Unsecured Bonds 'BBB-' Rating
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Fitch Ratings has assigned ITV Plc's senior unsecured bonds a 'BBB-' rating, with a stable outlook. ITV's EBITDA margin is expected to decline in 2025 but improve from 2026. The company faces challenges from declining linear advertising and limited diversification but benefits from strong liquidity and conservative financial leverage. Digital revenues are growing, and cost savings are funding investments. Negative free cash flow is anticipated in 2025 due to high working capital outflows, but financial metrics are supported by ITV's financial policy.
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