Fitch Rates Comcast's Senior Unsecured Notes 'A-'; Outlook Stable

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has assigned an 'A-' rating to Comcast Corporation's (Comcast) notes due 2023 and 2026. The issuance is a reopening of, and will form a single series with, Comcast's 2.75% notes due 2023 and its 3.15% notes due 2026 originally issued on Feb. 23, 2016.

Proceeds from the offering are expected to be used for working capital and general corporate purposes. The notes will be guaranteed by Comcast's subsidiaries included in the company's cross-guaranty structure. The Rating Outlook for all of Comcast's ratings is Stable.

As of Dec. 31, 2015 Comcast had approximately $53.3 billion of debt and preferred stock outstanding, including $12.5 billion outstanding at NBCUniversal Media, LLC (NBCUniversal) and $4.6 billion outstanding at NBCUniversal Enterprise.

Fitch currently rates Comcast as follows:

Comcast Corporation

--Long-term IDR 'A-';

--Senior unsecured debt 'A-'

--$6.25 billion revolving bank facility (co-borrower with Comcast Cable Communications LLC) 'A-';

--Short-term IDR 'F2';

--Commercial Paper 'F2'.

Comcast Holdings Corporation

--IDR 'A-';

--Subordinated exchangeable notes 'BBB'.

Comcast Cable Communications, LLC

--IDR 'A-';

--Senior unsecured debt 'A-';

--$6.25 billion revolving bank facility (co-borrower with Comcast) 'A-'.

Comcast Cable Holdings, LLC

--IDR 'A-';

--Senior unsecured debt 'A-'.

Comcast MO Group, Inc.

--IDR 'A-';

--Senior unsecured debt 'A-'.

Comcast MO of Delaware, LLC

--IDR 'A-'.

NBC Universal Media, LLC

--IDR 'A-';

--Senior unsecured debt 'A-'.

NBCUniversal Enterprise, Inc.

--IDR 'A-';

--Senior unsecured debt 'A-';

--$1.35 billion revolving bank facility 'A-';

--Series A preferred stock 'BBB';

--Short-term IDR 'F2';

--Commercial Paper 'F2'.

Date of Relevant Rating Committee: Sept. 28, 2015

Additional information is available at 'www.fitchratings.com'.

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View source version on businesswire.com: http://www.businesswire.com/news/home/20160322006577/en/

Fitch Ratings
Primary Analyst
David Peterson
Senior Director
+1 312-368-3177
Fitch Ratings, Inc.
70 W. Madison St.
Chicago, IL 60602
or
Secondary Analyst
John Culver, CFA
Senior Director
+1 312-368-3216
or
Committee Chairperson
Michael Weaver
Managing Director
+1 312-368-3156
or
Media Relations, New York
Alyssa Castelli, +1 212-908-0540
[email protected]

Source: Fitch Ratings

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