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NEW YORK - Standard & Poor's Ratings Services on Wednesday revised its outlook on Walt Disney Co. to negative from stable, saying the company faces more quarters of declining revenue and potentially higher leverage.
All ratings on the company, including its investment-grade 'A' corporate credit rating which is five notches above junk status, were affirmed.
Walt Disney Co. on Tuesday reported a 32 percent decline in quarterly profit amid a downturn that Chief Executive Robert Iger called "likely to be the weakest economy in our lifetime." Iger also suggested that a broad-based decline of the DVD business was occurring as consumers shifted viewing habits onto the Internet and other formats. Revenue companywide fell 8 percent to $9.60 billion.
Standard & Poor's credit analyst Deborah Kinzer said Disney's recent quarterly performance could extend through the end of its fiscal year, and potentially into its fiscal 2010. Its debt to earnings ratio also could worsen as a result of elevated capital spending commitments and certain fixed-costs inherent in operating its theme parks, studios and other businesses.
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