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Fitch applies A to Disney notes
Fitch Ratings said it assigned an A rating to Walt Disney Co.’s offering of benchmark-sized three-, five- and 10-year senior unsecured notes.
The outlook is stable.
About $15.3 billion of debt was outstanding as of June 27, including $2.4 billion of commercial paper.
Fitch said Disney's operating profile positions the company to generate free cash flow in excess of $4 billion annually, which coupled with strong liquidity and solid credit metrics, provides the company with considerable financial flexibility at the current ratings. The agency expects the company to concurrently deploy cash for share repurchase and moderate M&A activity.
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