NEW YORK (S&P Global Ratings) Dec. 6, 2021--S&P Global Ratings today said that DirecTV Entertainment Holdings LLC's (BB-/Stable/--) planned $1 billion add-on to its existing 5.875% secured notes due 2027 issued by DirecTV Financing LLC will not materially affect the company's S&P Global Ratings-adjusted credit metrics. This is because DirecTV will use the proceeds from the add-on to repay its $650 million of TPG senior preferred equity and $350 million of AT&T junior preferred equity, both of which we treat as debt-like equivalents. Our 'BB-' issuer credit rating on the company is unaffected because we continue to expect its S&P Global Ratings-adjusted debt to EBITDA will remain in the 2.0x-2.5x range in 2022. We believe that DirecTV's stand-alone operating performance
