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EMI's Takeover Plans May Be in Jeopardy with Warning of Cut in Credit Rating.
Knight Ridder/Tribune Business News, September, 2003
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Sep. 23--Excitement at EMI's takeover plans was clouded by a warning that its credit rating could be cut to junk status.
The music group fell 6 1/2 pence to 151 3/4 pence as it confirmed that it is in "non-exclusive discussions" to buy AOL Time Warner's recorded music division.
Investors would love EMI to bolster its music operations with this UKpound 900 million-plus deal, but some are worried about how it will be financed.
Rating agency Standard & Poor's said yesterday that it may reduce EMI's credit rating to junk status. Moody's has already done so.
In March, EMI had UKpound 860 million of debt. Analysts reckon it would borrow another...
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