Fitch rates DirecTV notes BBB-

Fitch Ratings said it assigned BBB-/RR1 ratings to DirecTV Financing LLC's planned $3.1 billion first-lien notes due to mature in 2027. DirecTV Financing Co-Obligor, Inc. is a co-issuer of the notes.

The proceeds together with term loan proceeds will be used to pay down intercompany debt to AT&T Inc. and pay transaction and financing expenses. Earlier this month, Fitch assigned DirecTV Entertainment Holdings, LLC (DirectTV) and DirecTV Financing, LLC BB+ long-term issuer default ratings.

“On transaction closing, the proposed notes will be secured by substantially all assets of DirecTV that also secure the first-lien credit facilities and will rank pari-passu with the first-lien term loan and revolver. The notes will be guaranteed upon closing by DirecTV Financing Holdco, the immediate parent of DirecTV Financing and all current and future domestic subsidiaries that also guarantee the credit facilities,” Fitch said in a press release.

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