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Moody’s gives Discovery notes Baa3
Moody’s Investors Service said it assigned a Baa3 rating to Discovery Communications, LLC’s $2 billion of senior unsecured notes maturing in 2030 and in 2050.
“Moody’s views the transaction as credit neutral. Moody’s expects the proceeds from the offering will be principally used to repay near term maturities, but believes any incremental leverage (net of repayment) will be temporary, and not materially change the company’s credit profile,” the agency said in a press release.
The senior notes will be guaranteed by parent Discovery Inc. and each domestic subsidiary of the parent that guarantees the revolving credit facility. As of the date of issuance of the senior notes, the only subsidiary guarantor will be Scripps Networks Interactive, Inc., Moody’s said.
Discovery’s Baa3 long term ratings are unaffected by the transaction, Moody’s said.
The outlook is stable.
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