Fitch rates Time Warner notes BBB

Fitch Ratings said it assigned a BBB rating to Time Warner Cable, Inc.'s (BBB/stable) benchmark senior notes maturing August 2042.

Proceeds will be used for general corporate purposes including debt repayment.

The notes will be guaranteed by Time Warner Entertainment Co., LP and TW NY Cable Holding, Inc.

Time Warner reported gross leverage of 3.59x and net leverage of 3.17x as of the 12 months ended June 30, are in line with expectations and management's target, the agency said.

After adjusting for the company's ICCI acquisition, the company's gross leverage is 3.38x and net leverage is 2.98x.

The ratings reflect Time Warner's strong competitive position, subscriber clustering profile and growing revenue diversity, according to the agency.

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