Moody's: News Corp. notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to News Corp.'s new $1 billion 10-year notes.

The new notes, issued by News Corp.'s subsidiary, News America Inc., and guaranteed by News Corp., are senior unsecured obligations and will rank equally with all other existing and future unsecured debt of the company.

The outlook is stable.

The issuance will add to the company's robust cash balance of $9.6 billion in cash at June 30.

Moody's said it anticipates that in the next 12-18 months, the company will reduce leverage through strong EBITDA growth and maintain significant financial flexibility.

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