Fitch assigns A to Disney notes

Fitch Ratings said it assigned an A rating to the Walt Disney Co.'s offering of benchmark-sized senior unsecured notes due 2027. The notes are being offered in Canada by private placement. Proceeds are expected to be used for general corporate purposes including the repayment of outstanding debt and commercial paper.

The notes will rank pari passu with Disney's other unsecured indebtedness and will be guaranteed on a senior unsecured basis by Disney's wholly owned subsidiary TWDC Enterprises 18 Corp. Disney had about $48 billion of debt outstanding as of Dec. 28.

“Fitch views the issuance positively as the company bolsters its liquidity position, reduces reliance on commercial paper markets, and addresses current maturities. Fitch believes that Disney has the financial flexibility and capacity to withstand the impact of the coronavirus pandemic,” the agency said in a press release.

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