Moody's may lift DirecTV

Moody's Investors Service said it placed DirecTV Holdings, LLC's Ba2 corporate family rating , Ba2 probability of default rating, Baa3 senior secured bank credit facility and Ba3 senior unsecured notes on review for possible upgrade.

The review is prompted by Moody's belief that DirecTV may now target and sustain its current lower leverage level as compared to the targeted 3.0x-to-3.5x debt-to-EBITDA range that it had previously pledged to remain within and which constrains current ratings, the agency noted.

Moody's said it also believes that there is now a lower probability of a significantly leveraging event given that substantial economic ownership of DirecTV by Liberty Media would be eliminated and potential for a controlling ownership position by John Malone should be significantly reduced when the planned merger with Liberty Entertainment, Inc. is completed after it is spun-off from Liberty Media.

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