The company has net debt of £487m and The Business reports that, with revenue projections worsening, its credit status could be reduced early in autumn. This would make it more expensive for Carlton to borrow, putting more pressure on profits.
Shares in Carlton had fallen by 4.44% this morning, or 7.5p, to trade at 161.25p -- however, there was a downward trend among most of the media stocks.
ITV has seen its audience figures hit new lows, while the BBC is strengthening its share of UK television audiences. In May, it beat ITV1 in the early evening peak-time slot for the first time.
The downgrade could also impact Carlton's on-again/off-again merger talks with Granada, the other owner of ITV franchises. Overseas media companies, including Viacom, could be set to swoop on ITV, but have previously been put off by the high price.
The takeover of ITV by a foreign owner is set to be made possible by the government's relaxation of media ownership rules.
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