Fitch rates Globo notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Globo Comunicacao e Participacoes SA's proposed $300 million senior notes due 2022.

The proceeds will be used for general corporate purposes.

The company has a local-currency issuer default rating of BBB+, foreign-currency issuer default rating of BBB+, national scale long-term rating of AAA(bra), along with a BBB+ rating on its $200 million senior notes due 2022 and BBB+ rating on its $325 million perpetual notes.

The outlook is stable.

The ratings reflect its continued strong business profile as the leading TV network in Brazil, as well as the largest programming provider for Pay TV operators in the country, Fitch said.

The company's solid financial and liquidity position are underpinned by positive free cash flow generation and a comfortable debt maturity profile, the agency said.

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