Fitch cuts DirecTV outlook to stable

Fitch Ratings said it revised the outlook for DirecTV Holdings LLC to stable from positive.

The following ratings have been affirmed: issuer default rating at BB, senior secured at BB+ and senior unsecured at BB.

Fitch's added its outlook revision follows the announcement that News Corp. and Liberty Media Corp. have entered into a definitive agreement whereby News will exchange its 38.4% ownership stake in DTVG for Liberty's ownership stake in News.

Overall the ratings reflect the size and-scale of DirecTV's operations as the second largest multichannel video programming distributor in the United States, Fitch said, noting that the ratings acknowledge the company's strong credit protection metrics relative to its rating category, which is primarily attributable to the company's improved operating profile and an accounting change related to the treatment of customer premise equipment.

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