New York, October 14, 2015 -- Moody's Investors Service, ("Moody's") assigned a Baa1 rating to 21st Century Fox America Inc's proposed benchmark size senior unsecured notes offering. 21st Century Fox America Inc. is an indirect wholly owned subsidiary of Twenty-First Century Fox, Inc.("FOX"). The new notes are anticipated to be split in ten and thirty year maturities, for a total of $1 billion. The new notes are senior unsecured obligations and will rank equally with the company's existing senior unsecured debt and future unsecured obligations. Proceeds from the offering will be used to refinance debt maturities and for general corporate purposes. Debt-to-EBITDA incorporating Moody's standard adjustments was around 2.9x as of 06/30/2015 and we anticipate the company sustaining its leverage around that level for the near term. We believe that FOX is issuing debt to continue taking advantage of the low interest rate environment and Moody's anticipates that over time, the interest saving from this debt offering, despite the considerable cash on hand, will outweigh the short-term negative cash carry. The rating outlook is stable.

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