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Fitch gives Discovery Communications notes BBB-
Fitch Ratings said it assigned a BBB- rating to Discovery Communications, LLC's issuance of senior notes due 2024.
The rating on the proposed reopening of Discovery's existing 4.900% senior notes due 2026 is also BBB-.
The outlook remains stable.
Proceeds from both issuances are to be used to fund the company's tender offer for up to $600 million aggregate principal amount of its existing 5.05% senior notes due 2020 and 5.625% senior notes due 2019. Any remaining proceeds are expected to be used for general corporate purposes.
Fitch said it expects Discovery to remain within the company's stated target leverage of 3.25 times to 3.4 times despite additional debt issuance above the debt tender to fund tender premiums. Discovery also remains well within the range for the agency’s BBB- rating.
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