S&P Downgrades WMG

S&P Downgrades WMG
Standard & Poor's reduced its rating on Warner Music Group stock from stable to negative last week. S&P suggests the lower rating will stand "until there is an indication that digital sales can resume at healthy growth rates and eventually offset physical CD sales declines," according to a Billboard report. Given S&P's reasoning, the rating could be seen as a no-confidence vote in the industry as a whole. As of this posting, WMG stock is at $4.49, a more than 20 percent year-to-date drop. (8/17)

Brazil Honors "Ipanema" Songwriter
Brazil's Foreign Ministry has posthumously awarded the rank of ambassador to poet/songwriter Vinicius de Moraes, who was a prime architect of the Bossa Nova explosion of the late '50s and early '60s as a co-writer of such songs as "Chega De Suadade" and "The Girl From Ipanema." The latter won the Record Of The Year GRAMMY in 1964 for the version recorded by Stan Getz and Astrud Gilberto. During his career, de Moraes was also a state diplomat who was once expelled from the diplomatic corps for his free-spirited ways. With this honor he was permanently reinstated. (8/17)

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