TEXT - S&P rates DIRECTV Holdings LLC

Mon Nov 19, 2012 4:41pm EST

Overview
     -- DIRECTV Holdings LLC has proposed a maximum $2.5 billion 4(a)(2) 
commercial paper program.
     -- We have assigned the company and the program an 'A-2' short-term 
rating.

Rating Action
On Nov. 19, 2012, Standard & Poor's Ratings Services assigned its 'A-2' 
short-term rating to DIRECTV Holdings LLC and its proposed maximum $2.5 
billion 4(a)(2) commercial paper program.

Rationale
The commercial paper notes will be guaranteed by DIRECTV Holdings LLC's 
existing domestic subsidiaries on an unsecured basis, and will also have a 
guarantee from parent DIRECTV. As a result, the commercial paper notes will 
benefit from DIRECTV's interest in assets in Latin America held by DIRECTV 
Latin America Holdings Inc. 

DIRECTV Holdings LLC's $2.5 billion revolving credit facilities, which is 
guaranteed by DIRECTV, back up the company's proposed commercial paper 
program. The terms of the credit facilities are aligned with our criteria and 
include the ability to make same-day drawings and diverse bank group 
participation.
The 'BBB' corporate credit rating and stable outlook on parent DIRECTV remain 
unchanged. 

Related Criteria And Research
2008 Corporate Criteria: Analytical Methodology, April 15, 2008

Ratings List

New Ratings

DIRECTV Holdings LLC
 Short-term corporate credit rating         A-2
 $2.5 bil 4(a)(2) commercial paper          A-2
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