Comcast Corp.'s Proposed Senior Unsecured Notes Rated 'A-'

NEW YORK (S&P Global Ratings) Oct. 29, 2019--S&P Global Ratings today assigned its 'A-' issue-level rating to Philadelphia-based communications company Comcast Corp.'s proposed senior unsecured notes due 2030, 2039 and 2050. The company intends to use the net proceeds from these notes to refinance its existing debt, including its 3.30% notes due Oct. 1, 2020 ($1.75 billion principal amount outstanding), and a portion of its outstanding prepayable term loans with maturities of 2021 and 2022. Pro forma for the proposed transaction and the monetization of its Hulu put, we estimate that Comcast's adjusted leverage was 3.0x as of Sept. 30, 2019. We view the company's monetization of its Hulu put as a positive credit event and incorporated it into our

...October 29, 2019 NEW YORK (S&P Global Ratings) Oct. 29, 2019--S&P Global Ratings today assigned its 'A-' issue-level rating to Philadelphia-based communications company Comcast Corp.'s proposed senior unsecured notes due 2030, 2039 and 2050. The company intends to use the net proceeds from these notes to refinance its existing debt, including its 3.30% notes due Oct. 1, 2020 ($1.75 billion principal amount outstanding), and a portion of its outstanding prepayable term loans with maturities of 2021 and 2022. Pro forma for the proposed transaction and the monetization of its Hulu put, we estimate that Comcast's adjusted leverage was 3.0x as of Sept. 30, 2019. We view the company's monetization of its Hulu put as a positive credit event and incorporated it into our analysis when we revised our outlook on Comcast to stable from negative on Sept. 9, 2019. While we do not include the securitization (collateralized obligation) in our leverage calculation, we do include both the present value of...

Ratings Action