Fitch gives WMG notes BB

Fitch Ratings said it has assigned a BB rating to WMG Acquisition Corp.'s $500 million senior secured note offering.

The proceeds are expected to be used for general corporate purposes, including the reduction of outstanding balances on the company's secured term loan, the agency said, noting that WMG Acquisition is an indirect wholly owned subsidiary of Warner Music Group Corp.

Fitch said it currently rates WMG and its subsidiaries as follows: Warner Music Group at issuer default rating BB-; WMG with issuer default rating BB-, senior secured BB and subordinated B+; as well as WMG Holdings' issuer default rating BB- and senior unsecured B.

The outlook is stable.

The ratings are supported by WMG's strong market share, global footprint, and diversified and established content library, the agency said.

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