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Fitch affirms Comcast
Fitch Ratings said it affirmed the A- issuer default ratings assigned to Comcast Corp. and the wholly owned subsidiaries included in the company's cross-guaranty structure.
The agency also affirmed the A- issuer default ratings assigned to NBCUniversal Enterprise, Inc. and to NBC Universal Media, LLC.
The outlook is stable.
Fitch said the actions follow Comcast's announcement that the company emerged as the winner of an auction to acquire 100% of Sky plc equity for £17.28 per share.
Consideration to Sky shareholders will be in cash, which Fitch believes will be funded by Comcast with incremental debt as well as cash on hand.
“Comcast's acquisition of Sky will provide the company with meaningful geographic diversification while significantly increasing its scale by creating a global distribution platform,” the agency said in a news release.
“Additionally, Sky will strengthen the combined company's content and intellectual property portfolio.”
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