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Fitch affirms News
Fitch Ratings said it affirmed the BBB+ issuer default rating of News Corp. and its related entities.
The outlook is stable.
The company's intention to pursue the separation of its publishing and media and entertainment businesses into two distinct publicly traded companies will not have a material negative impact on the operating or credit profile, Fitch said, and the remaining entity will be solidly within parameters for BBB+ ratings.
News has significant flexibility at its current ratings, given the strength of its remaining underlying businesses, leverage metrics below the 3x target and strong liquidity and free cash flow, the agency said.
Fitch said it assumes that all of the outstanding debt will remain with the media and entertainment business.
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