Fitch cuts Discovery Communications to BBB-

Fitch Ratings said it downgraded the issuer default rating of Discovery Communications LLC to BBB- from BBB and its short-term issuer default rating to F3 from F2.

The outlook is stable.

The action follows the company's announcement that it is increasing its gross target leverage range to 3.25 times to 3.4 times. The target leverage range is being increased as part of Discovery's ongoing efforts to return capital to shareholders while continuing to make opportunistic acquisitions. To that end, the company announced a $2 billion increase to its share repurchase authorization, with more than $1.1 billion planned for the next 12 months.

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