Pay-TV distributors have recently increased their dividends and share buyback plans,...
Pay-TV distributors have recently increased their dividends and share buyback plans, a trend that could limit their future credit upgrades, Standard & Poor’s said in a report from its RatingsDirect service. “These shareholder-friendly actions have been within our parameters for…
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the current ratings, so we have taken no rating actions thus far,” said Naveen Sarma, a credit analyst. “But in the longer term, we believe these more aggressive financial policies could limit potential upgrades.” The share buyback programs don’t appear to be sustainable, but Standard & Poor’s expects the pay-TV distributors to continue raising their dividends, Sarma said.