Fitch: Time Warner notes BBB

Fitch Ratings said it assigned a BBB rating to Time Warner Cable, Inc.'s benchmark-size, sterling-denominated senior unsecured notes maturing May 2031.

The proceeds are expected to be used for general corporate purposes, which may include debt repayment, Fitch said.

The notes will be guaranteed by Time Warner Entertainment Co., LP and TW NY Cable Holding, Inc.

As of March 31, the company had about $23.4 billion of total debt outstanding including mandatorily redeemable preferred equity, the agency said.

Fitch said it believes the company has sufficient capacity within the existing ratings to accommodate the company's $4 billion share repurchase authorization and dividend policy while maintaining the 3.25x net leverage target.

In the absence of any significant acquisition activity, Fitch said it does not expect any change to the company's long-term leverage target and believes that shareholder returns will meaningfully increase during 2011.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.