TEXT - S&P rates Comcast Corp proposed notes 'BBB+'
Nov 29 Standard & Poor's today assigned Philadelphia, Pa.-based broadband cable TV operator and media and entertainment provider Comcast Corp.'s proposed senior notes issue of an unspecified amount its 'BBB+' issue level rating. Existing ratings on the company, including the 'BBB+' long-term and 'A-2' short-term corporate credit ratings, remain unchanged. The long-term rating outlook is stable. We assume that pro forma for the new debt issuance, leverage will remain in the low- to mid-2x area. The ratings reflect Comcast's strong business position as the largest cable TV operator in the U.S., with 22 million video customers as of Sept. 30, 2012, and a cable operating cash flow margin of 40.1% for the third quarter of 2012. While the company's leverage was 2.2x as of Sept. 30, 2012, its "intermediate" financial risk profile reflects our expectation that leverage may increase to the high-2x area over the next several years to fund its eventual buyout of General Electric's remaining 49% stake in NBCUniversal Media LLC. (For the latest complete corporate credit rating rationale, see Standard & Poor's research report on Comcast published Oct. 18, 2012.) RELATED CRITERIA AND RESEARCH -- Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012 -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008 -- 2008 Corporate Criteria: Rating Each Issue, April 15, 2008 RATINGS LIST Comcast Corp. Corporate Credit Rating BBB+/Stable/A-2 New Rating Comcast Corp. Senior Notes BBB+
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