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S&P withdraws rating on Rovi, assigns BB- rating to TiVo

S&P Global Ratings on Jan. 18 removed all of its ratings on Rovi Corp. from CreditWatch, where they were placed with positive implications on May 3, 2016.

Concurrently, the rating agency raised its corporate credit rating on Rovi to BB- from B+. S&P consequently withdrew its corporate credit rating on Rovi and assigned its BB- corporate credit rating to Rovi's parent, TiVo Corp.

The agency believes an alignment of the corporate credit rating to the ultimate parent, TiVo, better represents the company's credit profile. Rovi in September 2016 acquired TiVo in a deal valued at about $1.1 billion and decided to adopt the TiVo brand.

S&P clarified that its withdrawal of Rovi's corporate credit rating does not affect its assessment of TiVo's corporate credit rating. The upgraded rating reflects TiVo's substantially improved leverage and cash flow after Rovi's acquisition of the company.

The outlook on TiVo remains stable.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.