BSkyB shares drop despite improved rating outlook

February 04, 2003

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BSkyB shares drop despite improved rating outlook

LONDON - British Sky Broadcasting has had its rating outlook raised by the credit agency Standard & Poor's, but saw its share price drop by 2.3% against overall falls on the market.

Standard & Poor's said that it was raising the outlook on BSkyB from "stable" to "positive", and affirmed its BB+ credit rating. However shares in the company were trading down by 2.3% mid-morning at 595p, down 14p.

Across the FTSE 100, the index was down by 38.9 points, as those who bought when the market was low sought to capitalise on market gains yesterday.

BSkyB said it welcomed Standard & Poor's announcement. The company said that, as of September 30 2002, its net debt was £1.5bn -- down £300m since January last year.

The company is due to report its interim results on February 14.

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