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S&P ups Activision, debt to BBB-, cuts loans
S&P said it raised its corporate credit rating on Activision Blizzard Inc. to BBB- from BB+.
The rating outlook is stable.
At the same time, the agency raised its issue-level rating on Activision's senior unsecured debt to BBB- from BB+.
S&P also lowered its issue-level rating on the company's bank loans to BBB- from BBB, in line with the criteria for issue-level ratings on investment-grade companies.
"The upgrade largely reflects our revised assessment of Activision's business risk profile to satisfactory from fair, based on the company's increased scale and substantial presence on all gaming platforms, including mobile," S&P credit analyst Andy Liu said in a news release.
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