Warner Music Group Corp, the music industry conglomerate headquartered in New York, received upgraded ratings from S&P in the wake of its impressive Q2 report. The report revealed accelerated revenue growth, attributable to the blooming digital streaming service industry.
The company’s streaming revenue grew 23.2% over the prior-year quarter. Hence, S&P on July 20 upgraded its issuer credit rating and issue-level rating on the senior secured debt to BB+ from BB.
S&P also issued a stable outlook, stating its view that WMG’s trajectory will continue to experience growth as a result of the rapid increase of digital streaming services.
In April, WMG published a Q2 report of its financial results for the period ended March 31, 2021. CEO of WMG Steve Cooper, in his openin…