The rating reflects a further deterioration in BEC’s operating performance, accelerated by digital disruption, said the agency. The increased adoption of digital forms of media has caused a secular change in audience viewing habits and altered spending on advertising.

BEC has a leading market position as a TV broadcaster and a strong balance sheet. However, TRIS Rating believes that stiff competition in the new media ecosystem and an uncertain economic outlook will continue to pressure the company’s operating results.

BEC’s earnings are not likely to recover to a level that is compatible with the previous “A” rating, said TRIS