Carlton Communications Plc, London has had the all-clear from Moody’s Investors Service Inc for its proposed acquisition of Central Independent Television Plc: the ratings agency affirmed its senior notes at A2, its convertible subordinated bonds and exchangeable capital securities at A3, and the rating on its short-term commercial paper at Prime-1. It cited the positive implications of Carlton’s acquisition of Central, which will strengthen Carlton’s position within the UK commercial television market and broaden the mix of its operations, adding that while Carlton’s financial leverage will increase, rising cash flow and earnings should restore debt protection measurements in the medium term; some UKP260m of long-term debt was affirmed.
