Comcast Corp.

Congress enacts a law enforcing net neutrality, likely only possible under a Democrat-controlled House of Representatives and Senate. Lawmakers could go further and introduce a framework for pricing oversight and regulation. This would be the more permanent solution to the ongoing controversy, as it makes a challenge difficult on constitutional grounds. However, it is unclear how high this ranks on congressional priorities. The FCC reverts to reclassifying broadband under Title II of the Telecommunications Act of 1996, opening the door to price regulation. If Congress cannot pass legislation around net neutrality, we believe this is inevitable. However, this path is less of a threat to cable operators given it will be time-consuming to draft an order, it will likely be

...The company's prudent financial risk management balances a history of conservative credit metrics with modest shareholder returns and acquisitions. The 'A-' issuer credit rating reflects Comcast's history of prudent financial risk management and its continued ability to balance conservative credit metrics with shareholder returns (dividends and share repurchases) and acquisitions. We believe the company views the 'A-' rating, and the access to the capital markets that such a rating allows, as a strategic advantage versus its lower-rated peers. We view Comcast's actions since the Sky transaction closed in 2018, specifically its reduction of net debt by $17 billion through Sept. 30, 2020, as evidence of this commitment. We expect Comcast will continue to reduce outstanding debt through both organic and inorganic means....

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