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WMG Stock Downgraded

WMG STOCK DOWNGRADED: Wall Street analysts Fitch Ratings has downgraded Warner Music Group stock from stable to negative, citing disappointing quarterly results despite a robust release schedule, slowing digital revenue and the continued decline of non-digital sales, off 16% in 2010. Fitch expects the company’s “cash interest coverage” to continue to decline and potentially dip below 2.0x over the next 12-18 months. Fitch had previously expected this metric to expand to 2.5x by fiscal year end 2012. The company was recently put on the block with Goldman Sachs. (2/18p)


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