S&P assigns BBB- to WarnerMedia notes

S&P said it assigned a BBB- issue-level rating to WarnerMedia Holdings Inc.'s planned offering of senior unsecured debt.

WarnerMedia's parent, Warner Bros. Discovery Inc. (WBD), will guarantee the proposed notes. Additionally, the notes have cross guarantees from both Discovery Communications, LLC and Scripps Networks Interactive, Inc.

“Our BBB-/A-3 issuer credit ratings and stable outlook on WBD are unchanged,” S&P said in a press release.

The company plans to use the proceeds to repay a portion of the borrowings under its term loan facility, which had $4 billion outstanding as of Dec. 31.

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