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ITV Credit Rating Now Classed As Junk

Oh how the mighty have fallen!

Today's news that the credit rating of ITV has been downgraded to junk status by credit ratings agency Standard and Poors marks the next step in what is a slow death for the former darling of the TV world. As the company stumbles from disaster to disaster the downgrading of the company's credit rating will cost the group a further £8 million a year in interest charges.

Impairment charges, falling advertising revenues and a large pension fund deficit do not bode well for the future of the group. Even the infamous Michael Grade has not been able to sprinkle any star dust on the group since he took on the role as executive Chairman. Pre-tax losses for the first half of 2008 have come in at over £1.5 billion due to a slump in advertising revenue and various impairment charges which the group was forced to take. This is officially the worst period in the history of the group and with no bidders willing to put the company out of its misery there is no immediate end in sight.

If, as forecast by the group, advertising revenues fall even further in the short term there is a real danger that the group could go out of business.

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