S&P rates DirecTV notes BBB-

Standard & Poor's said it assigned its BBB- issue-level ratings to co-issuers DirecTV Holdings LLC's and DirecTV Financing Co. Inc.'s proposed senior unsecured notes due 2015, senior unsecured notes due 2020 and senior unsecured notes due 2040. The agency also said it affirmed its corporate credit rating at BBB- on DirecTV.

The outlook is stable.

The proceeds from the three proposed note issues will be used for general corporate purposes, which may include repayment of the company's term loan C and a distribution to the parent for its share purchase program. The ratings are contingent upon receipt of final documents.

The ratings reflect a strong financial profile and a defensible position in a highly competitive industry in which it lacks certain competitive advantages, S&P said.

The rating also recognizes the growing threat from Verizon Communications Inc. FiOS and AT&T Inc. U-verse video offerings, the agency said.

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