S&P ups Discovery

Standard & Poor's said it raised the corporate credit rating on Discovery Communications Inc. to BBB from BBB-.

The outlook is stable.

S&P also raised the issue-level rating on the senior debt of the company's guaranteed subsidiary Discovery Communications LLC to BBB from BBB-.

The upgrade reflects a strong pickup in performance of the company's cable channel business and lower leverage through debt reduction and EBITDA growth, the agency said.

The ratings on Discovery reflects its satisfactory business risk profile anchored by a respectable portfolio of cable TV networks and an intermediate financial risk profile, based on moderate leverage and strong cash flow, the agency added.

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