Although the bailout bill still had not passed, the financial markets had deteriorated.
Segments of the credit markets have deteriorated drastically in recent weeks and the next three weeks could change any analysis.
Credit markets have deteriorated since STMicroelectronics, Europe's largest maker of semiconductors, and Intel, the world's biggest, started planning the combination.
It said: Since our last statement, market conditions in the UK and Dutch solid waste markets have deteriorated significantly with a consequential impact on the group's trading performance.
Since then financial markets have deteriorated beyond all expectations, meaning that ITV's pension assets could have fallen in value from about £2.4bn to about £2bn or even less.
Chief executive Tom Toumazis, who previously worked for Disney, Emap and Endemol, said: "It is clearly highly disappointing that Dutch advertising markets have deteriorated further since our last update, with a significant effect on the Group's financial performance".
We've lost jobs in nearly every area of the economy, and this is going to get worse before it gets better because the credit markets have deteriorated basically on a daily basis for the last few weeks".
Tom Toumazis, Mecom's chief executive, said: "It is clearly highly disappointing that Dutch advertising markets have deteriorated further since our last update, with a significant effect on the group's financial performance".
"It is clearly highly disappointing that Dutch advertising markets have deteriorated further since our last update, with a significant effect on the group's financial performance," said the Mecom group chief executive, Tom Toumazis.
"The markets have deteriorated so fast, we never expected that to happen.
