Uncertainty over the future of Kirch Gruppe, the debt-laden German media group, has taken its toll on ProSiebenSat.1, the German commercial television broadcaster, which was downgraded by Moody's Investors Service.

ProSieben was cut by two notches to Ba1 from Baa2 and its rating remains on review for a possible further downgrade. Moody's said the action reflected the combination of the weaker operational outlook for the company's core television business, as well as concern over the level of indebtedness and contingent financial obligation of KirchMedia, ProSieben's major shareholder and intended merger partner, and the wider Kirch group.