CRISIL has reaffirmed 'AA+/Stable' rating on the debt instruments of HT Media. The rating reflects the strong position of HT Media's flagship English daily, Hindustan Times (HT), in Delhi and the National Capital Region (NCR), and the established market position of its Hindi daily, Hindustan.

The ratings also reflect HTML's strong financial risk profile and sound operating efficiencies. These rating strengths are partially offset by HTML's internet business, Mumbai edition of HT and the business newspaper Mint, which continue to be in the investment phase; its operating margin also remains susceptible to volatility in newsprint prices and economic downturns.

CRISIL believes that HTML will maintain its strong market position across key segments and geographies, and its strong financial risk profile, marked by healthy capital structure and ample liquidity. The outlook may be revised to 'Positive' if HTML significantly increases its scale of operations through strong revenue growth and increased revenue diversity, while maintaining its sound profitability and strong financial risk profile.

Conversely, the outlook may be revised to 'Negative' if the company undertakes a larger-than-expected, debt-funded capex programme, acquisitions or unrelated diversification, leading to deterioration in its capital structure, or if there is significant decline in its operating profitability.

Shares of the company declined Rs 0.75, or 0.93%, to settle at Rs 79.60. The total volume of shares traded was 6,682 at the BSE (Wednesday).