Fitch rates DirecTV loan BB+

Fitch Ratings said it assigned a BB+ rating to the new $2.5 billion senior secured credit facility entered into by DirecTV Holdings LLC.

Additionally, Fitch affirmed the BB rating assigned to the senior unsecured debt of DirecTV. The outlook is stable.

Fitch said the ratings reflect DirecTV's strong market position as the second largest multi-channel video programming distributor in the United States and the support and liquidity position of DirecTV Group, Inc.

Proceeds from the new credit facility are expected to be used to refinance the existing senior secured credit facility and to repay the $875 million intercompany note due to DirecTV Group. Additionally, DirecTV plans to redeem about $490 million of its 8 3/8% senior notes with the proceeds received from an equity contribution.

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