The Walt Disney Co.#s Proposed $500 Million Senior Unsecured Debt Securities Rated #A+#

Stocks and Financial Services Press Releases Wednesday September 6, 2017 17:48
CHICAGO--7 Sep--S&P Global Ratings

CHICAGO (S&P Global Ratings) Sept. 6, 2017--S&P Global Ratings today assigned its 'A+' issue-level rating to Burbank, Calif.-based diversified media and entertainment company The Walt Disney Co.'s proposed $500 million senior unsecured debt securities. The company's proposed offering will consist of five-year fixed-rate notes, and it will use the net proceeds for general corporate purposes.

Our 'A+/A-1+' corporate credit ratings on Disney reflect the company's leading, wide-ranging creative franchises and distribution capability, its solid market positions, and the broad diversity in its media and entertainment businesses. Disney is the preeminent company for monetizing intellectual property across a broad base of businesses.

Disney's adjusted leverage was 1.5x as of June 30, 2017, and we expect leverage to remain in the mid-1x area over the next two years. The company also has good cash flow generating ability, exceptional liquidity, and a financial policy that balances conservative credit metrics with shareholder returns and acquisitions.

The stable rating outlook on Disney reflects our expectation that the company's overall business performance will remain strong, particularly at its film and TV studio division and the cable networks, despite facing secular pressures in the U.S. We also expect that management will maintain its current financial policy, with adjusted leverage below 2x.


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