TEXT - S&P rates DIRECTV Holdings LLC
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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