...April 23, 2019 CHICAGO (S&P Global Ratings) April 23, 2019--S&P Global Ratings today assigned its '##-' issue-level rating and '3' recovery ratings to Netflix Inc.'s proposed approximately $2 billion senior unsecured notes due 2029. The company will split the notes between a dollar-denominated tranche and a euro-denominated tranche. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) of principal in the event of a payment default. Netflix plans to use the net proceeds from the notes for continued investments in original content and general corporate purposes. Pro forma for the debt issuance, the company's adjusted leverage will remain at 5.0x (as of March 31, 2019). However, we expect its adjusted leverage to decrease to about 4.5x by the end of 2019. Our '##-' issuer credit rating on Netflix reflects our expectation for continued EBITDA margin improvement driven, in part, by price increases and continued, accelerated subscriber growth....
