Fitch rates 21st Century Fox notes BBB+

Fitch Ratings said it assigned a BBB+(EXP) expected rating to the proposed issuance of benchmark sized 10-year and 30-year senior unsecured note offering by 21st Century Fox America, Inc., a subsidiary of Twenty-First Century Fox, Inc. (FOXA).

The outlook is stable.

FOXA had about $19.1 billion of debt outstanding as of Sept. 30, pro forma for October 2016 maturities, consisting primarily of senior unsecured notes issued by 21st Century Fox America (some are issued under that entity's former name, News America Holdings, Inc.).

Proceeds are expected to be used for general corporate purposes.

The new notes will rank pari passu with other senior unsecured debt of 21st Century Fox America and will also benefit from a guarantee by FOXA. The notes will contain an obligation to repurchase the notes at 101% upon change of control (including a transfer of more than 50% of the company's voting stock to a person other than News Corp. or a member of the Murdoch family) and non-investment grade ratings, as defined. Similar to existing bonds, there are no financial covenants, Fitch explained.

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