S&P assigns DirecTV notes BB

S&P said it assigned BB issue-level and 2 recovery ratings to DirecTV Financing LLC's planned secured notes. The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 80%) recovery in default.

Parent DirecTV Entertainment Holdings LLC will be spun out from AT&T Inc. into a joint venture with private-equity sponsor TPG Capital.

The company will use the proceeds, together with a new term loan, to pay down intracompany indebtedness owed to AT&T and to pay or fund the reimbursement of certain financing expenses and shared transaction expenses, immediately before the completion of the spin-out.

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