Bulletin: Comcast Corp. Ratings Are Unaffected By Its Purchase Of A Majority Stake In Universal Studios Japan

NEW YORK (Standard&Poor's) Sept. 28, 2015--Standard&Poor's Ratings Services said today that there is no impact on the ratings on Comcast Corp. (A-/Stable/A-2) following the company's announcement that it has agreed to purchase a 51% stake in Universal Studios Japan (USJ) for $1.5 billion. Goldman Sachs Group Inc., Seoul-based private-equity firm MBK Partners Ltd., and USJ Chief Executive Officer Glenn Gumpel will retain a 49% minority stake in USJ. The transaction, which we view positively from a business risk perspective, continues Comcast's strategy around international theme park expansion at NBCU. We expect to fully consolidate USJ, including its roughly $3.3 billion in debt. This is based on our view of Comcast's longer-term commitment to these assets and

...NEW YORK (Standard & Poor's) Sept. 28, 2015--Standard & Poor's Ratings Services said today that there is no impact on the ratings on Comcast Corp. (A-/Stable/A-2) following the company's announcement that it has agreed to purchase a 51% stake in Universal Studios Japan (USJ) for $1.5 billion. Goldman Sachs Group Inc., Seoul-based private-equity firm MBK Partners Ltd., and USJ Chief Executive Officer Glenn Gumpel will retain a 49% minority stake in USJ. The transaction, which we view positively from a business risk perspective, continues Comcast's strategy around international theme park expansion at NBCU. We expect to fully consolidate USJ, including its roughly $3.3 billion in debt. This is based on our view of Comcast's longer-term commitment to these assets and the potential to increase its ownership over time. The impact on adjusted leverage is immaterial, which we expect to be around 2x in 2015, with funds from operations to debt in the high-30% area. We have determined, based solely...

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