Fitch upgrades Disney

Fitch Ratings said it upgraded Walt Disney Co. and ABC Inc.'s issuer default and senior unsecured debt ratings to A from A-. The agency also raised Disney's commercial paper rating to F1.

The outlook is stable.

Ratings reflect the company's leading market positions in core businesses, unique brand franchises, strong cash flow and significant financial flexibility, the agency said.

Concerns include cyclical volatility, aggressive share buybacks and financial flexibility, Fitch said.

The issuer's debt-to-operating EBITDA ratio was about 1.5 times for the 12 months ended March 31.

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