Fitch reviews 21st Century Fox

Fitch Ratings said it placed the BBB+ issuer default rating assigned to Twenty-First Century Fox, Inc. (FOX), and its wholly owned subsidiary 21st Century Fox America, Inc. on rating watch negative following the announcement that Walt Disney Co. will acquire certain of FOX's assets in an all-stock transaction valued at about $69 billion.

Roughly $20 billion of debt outstanding as of Sept. 30 is affected by this action.

Fitch said the actions are driven by the lack of clarity regarding how FOX's existing debt will be treated and where it will ultimately reside in Disney's capital structure.

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