S&P rates Disney notes A

Standard & Poor's said it assigned an A rating to the proposed $500 million global notes due 2019 offered by the Walt Disney Co.

The long-term corporate credit rating is A.

The outlook is negative.

The A rating reflects the company's premier creative franchises, extensive media distribution, conservative capital structure and good discretionary cash flow, the agency said.

S&P said the outlook is based on concern that economic conditions could lead to further earnings and cash flow slippage following declines in the quarter ended Dec. 27.

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