This was News Corp's highest-ever cashflow and more than three times the $US468 million cash generated last year. "Rupert is focused very strongly on cashflow and attempting to improve News Corp's credit rating," said Sagitta fund manager Scott Maddock. News Corp reduced its debt by $US1.5 billion to $US6.1 billion at the end of June. The company bought back $US905 million worth of debt yesterday, which should cut its 2003 interest bill by $US50 million. Sentiment was also buoyed by News Corp's prediction that the advertising market would grow 5 per cent this year.