ITV Plc may win back its investment-grade ranking as the U.K.'s biggest commercial broadcaster redeems debt and advertising revenue is boosted by the English soccer team's success in the European Championship. Credit-default swaps tied to the London-based company's debt trade at levels implying an investment-grade rating of Baa3, one step above its current junk Ba1 grade, according to Moody's Analytics. The company offered to buy back 250 million pounds ($392 million) of bonds this week by dipping into its 801 million-pound cash holdings, driving swaps down as much as 26 percent this week to 225 basis points.