-- 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
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.
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
The 'BBB' corporate credit rating and stable outlook on parent DIRECTV remain
Related Criteria And Research
2008 Corporate Criteria: Analytical Methodology, April 15, 2008
DIRECTV Holdings LLC
Short-term corporate credit rating A-2
$2.5 bil 4(a)(2) commercial paper A-2