Aug 16 (Reuters) - S&P lowered its outlook on Warner

Bros Discovery ( WBD ) on Friday to "negative" from "stable",

citing declines in the media company's cable TV business due to

a tough advertising market and cord-cutting.

The ratings agency said the move reflected its expectation

that Warner Bros Discovery's ( WBD ) debt levels would stay high as the

traditional TV declines weigh on the company's cash flow.

S&P reaffirmed its "BBB-" investment-grade credit rating for

the company.