Moody's on Dec. 20 changed the outlook on European pay TV group Sky plc to developing from stable.
The outlook change was effected after the revelation of a formal offer from 21st Century Fox Inc. to acquire the remaining shares of Sky that it does not already own. Before the deal can be presented to Sky shareholders for considerations, it must meet certain pre-conditions. Moody's thinks that there will likely be a lengthy regulatory review process, probably taking up to a year to end.
The rating agency also affirmed the Baa2 senior unsecured and (P)Baa2 unsecured MTN ratings for Sky and its rated subsidiary.