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Moody's may up Universal City
Moody's Investors Service said it placed Universal City Development Partners, Ltd.'s B1 corporate family rating, Ba2 senior secured bank credit facility and B3 senior unsecured and senior subordinated bonds on review for upgrade following NBC Universal, Inc.'s (Baa2/stable) decision to acquire the remaining 50% interest in the company from its existing partner Blackstone Capital Partners for $1 billion.
An upgrade of Universal Orlando is likely with a potential to move much closer to the rating level of NBC, depending on what transpires with Universal Orlando's debt, the agency said.
In the review, Moody's said it will evaluate NBC's plans with respect to Universal Orlando's debt. The sale of Blackstone's 50% interest in Universal Orlando to NBC will not constitute a change of control under Universal Orlando's credit facility or bond indentures.
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