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S&P rates DirecTV notes BB-
Standard & Poor's said it assigned its BB- rating to DirecTV Holdings LLC and DirecTV Financing Co. Inc.'s proposed $1 billion senior notes due 2015. S&P said it affirmed the BB- corporate credit rating of DirecTV as well as its BB- senior unsecured debt and BB senior secured bank loan.
The outlook is stable.
The company will use $500 million in proceeds to fund bank debt repayment and the balance for general corporate purposes, the agency said.
The ratings continue to reflect aggressive subscriber growth and retention efforts, including spending on advanced set-top boxes, elevated satellite capital expenditures needed to boost channel capacity and substantial spending on high-profile sports programming, S&P said.
The agency added that share repurchases could, however, erode much of the company's $3.5 billion upon completion of its proposed financing and a decrease in subscriber additions could offset the strengths.
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