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Moody's rates Comcast notes A3
Moody's Investors Service said it assigned an A3 rating to Comcast Corp.'s (A3 senior unsecured, positive outlook) proposed new notes issuance.
The notes are split in two tranches, maturing in 2024 and 2044. The bonds will be issued by Comcast, the ultimate parent, and will rank equally with all other unsecured and unsubordinated indebtedness of the company.
The Cable Guarantors and NBCUniversal Media, LLC, will guarantee the bonds.
Proceeds will be used for general corporate purposes, including to repay NBCUniversal's 2.1% notes due April 1, 2014 ($900 million principal amount outstanding) and to repay a portion of the company's outstanding commercial paper borrowings.
Accordingly, S&P expects the transaction will be essentially leverage-neutral and will have no impact on the company's debt-to-EBITDA ratio and the company's A3 senior unsecured rating.
The outlook is positive.
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