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S&P rates Walt Disney notes A
S&P said it assigned an A rating to the Walt Disney Co.'s proposed senior unsecured debt securities.
The company plans to split the benchmark-sized offering into three-year, 10-year and 30-year fixed-rate notes and it will use the proceeds for general corporate purposes, S&P said.
The A and A-1 corporate credit ratings reflect the company's strong business risk profile, the agency said, including its leading, wide-ranging creative franchises and distribution capability, solid market positions and broad diversity in its media and entertainment businesses, the agency said.
Disney is the preeminent company for monetizing intellectual property across a broad base of businesses, S&P said.
The agency said Disney's financial risk profile is considered modest based on the company maintaining adjusted leverage of less than 2x, which is within the threshold for the A rating.
The company also has good cash flow generating ability, exceptional liquidity and a financial policy that balances conservative credit metrics with shareholder returns and acquisitions, S&P said.
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