Fitch affirms Disney at A

Fitch Ratings said it affirmed the A issuer default rating assigned to Walt Disney Co. and its subsidiaries.

The outlook remains stable.

Roughly $16.5 billion of debt outstanding as of Dec. 27, 2014 is affected by this action.

Fitch said Disney's operating profile positions the company to generate free cash flow (FCF) in excess of $4 billion annually, which coupled with strong liquidity and solid credit metrics, provides the company with considerable financial flexibility at the current ratings. The agency expects the company to concurrently deploy cash for share repurchase and moderate M&A activity.

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