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Fitch: NBCUniversal notes BBB
Fitch Ratings said it assigned a BBB rating to NBCUniversal Media, LLC's 2.875% senior notes due 2023 and its 4.45% senior notes due 2043. NBCUniversal has a BBB issuer default rating and is a direct wholly owned subsidiary of NBC Universal, LLC.
Proceeds from the $2 billion issuance are expected to be used for general corporate purposes including the redemption of Universal City Development Partners, Ltd.'s 8.875% senior notes due 2015 and 10.875% senior subordinated notes due 2016.
The agency said the ratings incorporate NBCUniversal's size, scale, leading brand positions and diversity of operations and business risk as one of the world's most prominent media and entertainment companies.
Rating concerns center on the secular issues challenging NBCUniversal's broadcast segment, including time-shifting technologies, internet-based content and the cyclicality of advertising revenues, Fitch said.
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