HILVERSUM, Netherlands, May 31, 2022 /PRNewswire/ — Universal Music Group N.V. (“UMG” or the “Company”) announced today that Moody's Investors Service (“Moody's”) assigned a Prime-2 short term credit rating and a Baa1 long term credit rating with stable outlook to UMG, and S&P Global Ratings (“S&P”) assigned the Company an A-2 short term credit rating and BBB long term credit rating with stable outlook.
UMG considers these investment grade ratings as supportive of its financing strategy and is committed to maintaining an investment grade rating.
Boyd Muir, UMG's EVP, CFO and President of Operations, commented: “We are pleased that, in the inaugural ratings since our public listing, the rating agencies have recognised our strong credit attributes. Both agencies highlighted our leadership in the music industry, best-in-class catalogue, recurring and well-diversified revenue streams and low leverage as key drivers of these solid ratings. The Baa1/BBB rating assignment is another positive recognition in our early days as a stand-alone publicly listed company.”
UMG was advised by Bank of America during both credit rating processes.
The full press releases are available on the Moody's and S&P websites.
At Universal Music Group (EURONEXT: UMG), we exist to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information on Universal Music Group N.V. visit www.universalmusic.com.
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This press release may contain statements that constitute forward-looking statements with respect to UMG's financial condition, results of operations, business, strategy and plans. Such forward-looking statements may be identified by the use of words such as 'expect', 'estimate', 'project', 'anticipate', 'should', 'intend', 'plan', 'probability', 'risk', 'target', 'goal', 'objective', 'will', 'endeavour', 'optimistic', 'prospects' and similar expressions or variations on such expressions. Although UMG believes that such forward-looking statements are based on reasonable assumptions, they are not guarantees of future performance. Actual results may differ materially from such forward-looking statements as a result of a number of risks and uncertainties, many of which are related to factors that are outside UMG's control, including, but not limited to, UMG's inability to compete successfully and to identify, attract, sign and retain successful recording artists and songwriters, failure of streaming and subscription adoption or revenue to grow or to grow less rapidly than anticipated, UMG's reliance on digital service providers, UMG's inability to execute its business strategy, the global nature of UMG's operations, UMG's inability to protect its intellectual property and against piracy, UMG's inability to attract and retain key personnel, changes in laws and regulations and the other risks that have been described in UMG's 2021 annual report. Accordingly, UMG cautions readers against placing undue reliance on such forward-looking statements. Such forward-looking statements are made as of the date of this press release. UMG disclaims any intention or obligation to provide, update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Universal Music Group N.V.