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NEW DELHI: Rating agency Fitch has downgraded the long-term debt rating of Television Eighteen (TV18) due to deterioration in the company's financial position. The rating action reflects the greater-than-expected deterioration in TV18's financial pr ofile over the nine-month period ended December 31, 2008, and deployment of the large cash balances available with the firm to support its subsidiaries and group companies, Fitch said in a release.

The rating agency has also revised downward TV18's outlook, from stable to negative. Fitch has downgraded TV18 National Long-term Rating to BBB from A. 'BBB' national ratings denote an adequate credit risk relative to other issuers or issues in the same country for timely repayment of the financial commitments, while 'A' denotes a strong credit risk relative to other issuers or issues.

It further said there is pressure on TV18's core news operations business' profitability, due to a significant slowdown in the renewal of advertising contracts. - PTI

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