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S&P places Paramount Global on watch
S&P said it placed its ratings for Paramount Global, including the BBB- issuer rating, on CreditWatch with negative implications.
“We believe FOCF will be weaker than historical levels because the significant cash flows from the linear TV businesses will degrade rapidly as pay-TV subscribers continue to decline and advertisers migrate spending to streaming platforms,” S&P said in a press release.
The agency said it will evaluate Paramount's ability to improve its cash generation profile so that its FOCF/debt increases above 10% continuingly by 2025 and its S&P Global Ratings'-adjusted leverage decreases below 3.5x.
“We expect to resolve the CreditWatch placement in the next several weeks after incorporating the upcoming fourth-quarter earnings results in our analysis,” S&P said.
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