News Column

Fitch Updates Recovery Analyses for U.S. Media & Entertainment Sector

May 30, 2014

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has published updated recovery analyses for the following U.S. media and entertainment companies:

--AMC Entertainment Inc.

--Regal Entertainment Group

--Univision Communications, inc.

--Clear Channel Worldwide Holdings Inc.

--Clear Channel Communications, Inc.

--Houghton Mifflin Harcourt Publishers, Inc.

The interactive recovery analysis worksheets are available at 'www.fitchratings.com' under the following headers:

Sectors then Corporate Finance then Corporates then Research

Additional information is available 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers', Nov. 19, 2013;

--'Corporate Rating Methodology', Aug. 05, 2013;

--'Parent and Subsidiary Rating Linkage', Aug. 05, 2013;

--'U.S. Media & Entertainment Sector - Recovery Rating and Notching Methodology', Feb. 16, 2010;

--'Operating Leases: Updated Implications for Lessees' Credit', Aug. 5, 2011;

--'Debt Factoring - Analytical Adjustments for Corporate Issuers and Their Recovery Ratings', Feb. 6, 2013;

--'Credit Encyclo-Media VI: Fitch's Comprehensive Analysis of the U.S. Media & Entertainment Sector', Sept. 19, 2013.

Applicable Criteria and Related Research: U.S. Media and Entertainment Recovery Models -- First-Quarter 2014

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749428

Debt Factoring; Analytical Adjustments for Corporate Issuers and Their Recovery Ratings

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=700330

Credit Encyclo-Media VI: Fitch's Comprehensive Analysis of the U.S. Media & Entertainment Sector

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=718956

Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=721836

Corporate Rating Methodology: Including Short-Term Ratings and Parent and Subsidiary Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715139

Parent and Subsidiary Rating Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685552

U.S. Media & Entertainment Sector -- Recovery Rating and Notching Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=500236

Operating Leases: Updated Implications for Lessees' Credit

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=462222

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Rolando Larrondo, +1 212-908-9189

Senior Director

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

David Peterson, +1 312-368-3177

Senior Director

Fitch Ratings, Inc.

70 West Madison Street

Chicago, IL 60602

or

Media Relations:

Brian Bertsch, +1 212-908-0549

brian.bertsch@fitchratings.com

Source: Fitch Ratings


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