(Reuters) – S&P lowered its outlook on Warner Bros Discovery on Friday to “negative” from “stable”, citing declines in the media company’s cable TV business due to a tough advertising market and cord-cutting.
The ratings agency said the move reflected its expectation that Warner Bros Discovery’s debt levels would stay high as the traditional TV declines weigh on the company’s cash flow.
S&P reaffirmed its “BBB-” investment-grade credit rating for the company.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shilpi Majumdar)
