Moody’s gives 21st Century Fox notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to 21st Century Fox America, Inc.'s proposed benchmark size senior unsecured notes offering.

21st Century Fox America is an indirect wholly owned subsidiary of Twenty-First Century Fox, Inc.

The new notes are senior unsecured obligations and will rank equally with the company's existing senior unsecured debt and future unsecured obligations.

Proceeds will be used for general corporate purposes.

Debt-to-EBITDA incorporating Moody's standard adjustments was around 3 times as of June 30 and the agency anticipates leverage will decline to under 3 times within the next 12 months driven by expected growth in EBITDA.

This bond issuance will not impact the company's Baa1 senior unsecured long-term debt rating or the stable outlook.

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