Fitch gives A- to Comcast notes

Fitch Ratings said it assigned an A- rating to Comcast Corp.’s benchmark size senior unsecured notes maturing 2021, 2026, 2036 and 2046.

Proceeds are expected to be used for funding the pending acquisition of DreamWorks Animation SKG, Inc. and for working capital and general corporate purposes.

The notes will be guaranteed by Comcast's subsidiaries included in the company's cross-guaranty structure.

The outlook is stable.

As of March 31, Comcast had about $56.4 billion of debt and preferred stock outstanding, including $12.8 billion outstanding at NBCUniversal Media, LLC and $5.2 billion outstanding at NBCUniversal Enterprise.

Fitch said Comcast's capital structure and financial strategy remains balanced between investing in its businesses, reducing leverage to its target range of 2 times and returning excess capital to shareholders.

The agency believes the company’s strong operating profile and solid free cash flow (FCF) metrics afford the company a high degree of financial flexibility at the current rating category. Comcast generated roughly $7.2 billion of FCF during the latest 12-month period ended March 31. Going forward, Fitch anticipates the company will consistently generate consolidated FCF in excess of $7 billion.

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