S&P rates Comcast notes BBB+

Standard & Poor's said it assigned a BBB+ rating to Comcast Corp.'s proposed senior notes issue.

The existing ratings on the company, including its BBB+ long-term and A-2 short-term corporate credit ratings, remain unchanged.

The outlook is stable.

S&P said it assumes that pro forma for the new debt issuance, leverage will remain in the low- to mid-2x range.

The ratings reflect Comcast's strong business position as the largest cable TV operator in the United States with 22 million video customers as of September and a cable operating cash flow margin of 40.1% for the third quarter of 2012, the agency said.

While the company's leverage was 2.2x as of Sept. 30, its intermediate financial risk profile reflects an expectation that leverage may increase to the high-2x range over the next several years to fund its eventual buyout of General Electric's remaining 49% stake in NBCUniversal Media LLC, S&P added.

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