Fitch rates Comcast notes BBB+

Fitch Ratings said it assigned Comcast Corp.'s benchmark size, sterling-denominated senior notes due in Nov. 2029 a BBB+ rating.

The outlook is stable.

The proceeds from the offering are expected to be used for general corporate purposes, including funding a portion of Comcast's cash payment to General Electric Co. related to the closing of the NBC Universal transaction, the agency said.

The ratings reflects Comcast's strong competitive position as the largest cable multiple system operator in the U.S., its compelling subscriber clustering profile, its high degree of financial flexibility and the view that its growing base of revenue-generating units positions it to generate material amounts of free cash flow, Fitch said.

Concerns center on Comcast's ability to maintain its relative competitive position, growing retail revenues beyond its core Triple Play service offering, efficiently managing its cable plant bandwidth to provide the company with sufficient service flexibility and continuing to balance investing in its business with returning capital to shareholders, the agency said.

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