Moody's: Disney up to positive

Moody's Investors Service said it affirmed The Walt Disney Co.'s Baa1 senior unsecured credit rating.

The outlook for its senior unsecured long-term debt rating has been changed to positive from stable. The company's prime-2 commercial paper outlook remains stable.

Moody's said the positive outlook reflects improving credit metrics driven by both stronger operating performance at most of the company's major divisions and continued debt reduction trends.

Over the last two years, lease-adjusted debt-to-EBITDAR improved from 4.3x to 2.4x and total debt-to-free cash flow improved from almost 20.0x to 4.1x.

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