AT&T Comcast Receives Investment Grade Rating
Comcast Corporation announced today that the credit ratings analyses by the three major debt rating agencies have been successfully completed. While these agencies have provided separate ratings for a number of Comcast's post-merger affiliates, Comcast is pleased that each has provided an investment grade rating for AT&T Comcast (the holding company to be created as a result of the merger of Comcast Corporation and AT&T's broadband operations). The indicative ratings received by AT&T Comcast's senior unsecured debt were as follows: Standard & Poor's -- BBB, Moody's Investor Services -- Baa3, and Fitch Ratings -- BBB.
These credit ratings satisfy the ratings condition in AT&T Comcast $12.8 billion bank facilities allowing it to access to all amounts originally anticipated under those facilities.
Although Moody's also revised Comcast Corporation's own credit rating from Baa3 to Ba1, Comcast does not anticipate substantial debt issuances at the Comcast Corporation level at any time in the near future.
This press release contains forward-looking statements. Readers are cautioned that such forward-looking statements involve risks and uncertainties that could significantly affect actual results from those expressed in any such forward-looking statements. Readers are directed to Comcast's Quarterly Report on Form 10-Q for a description of such risks and uncertainties.
Comcast Corporation (www.comcast.com) is principally involved in the development, management and operation of broadband cable networks, and in the provision of electronic commerce and programming content. Comcast Cable is the third largest cable company in the United States serving more than 8.5 million cable subscribers. Comcast's commerce and content businesses include majority ownership of QVC, Comcast-Spectacor, Comcast SportsNet, The Golf Channel, Outdoor Life Network, G4, a controlling interest in E! Networks, and other programming investments. Comcast's Class A Special and Class A Common Stock are traded on The Nasdaq Stock Market under the symbols CMCSK and CMCSA, respectively.