Moody's rates Comcast notes A3

Moody's Investors Service said it assigned an A3 rating to Comcast Corp.’s new bond offering, split into 10-year, 20-year and 30-year maturities. The outlook is positive.

Proceeds will be used for general corporate purposes, which may include repayment of $673 million 8.75% notes due August 2015, $750 million 5.85% notes due November 2015, $1 billion 5.9% notes due March 2016, $1 billion 2.875% notes due April 2016, $750 million 4.95% notes due June 2016 and a portion of borrowings outstanding under the company's commercial paper program.

The agency said that because most of the proceeds from the bonds are expected to be used to repay outstanding debt, the transaction is essentially leverage-neutral.

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