S&P gives A+ to Disney notes

S&P said it assigned an A+ issue-level rating to the Walt Disney Co.'s proposed $500 million senior unsecured debt securities, which will consist of five-year fixed-rate notes.

“Our A+/A-1+ corporate credit ratings on Disney reflect the company's leading, wide-ranging creative franchises and distribution capability, its solid market positions, and the broad diversity in its media and entertainment businesses,” the agency said in a news release.

“Disney's adjusted leverage was 1.5x as of June 30, and we expect leverage to remain in the mid-1x area over the next two years. The company also has good cash flow generating ability, exceptional liquidity, and a financial policy that balances conservative credit metrics with shareholder returns and acquisitions.”

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