Fitch gives A to Disney notes

Fitch Ratings said it assigned an A rating to Walt Disney Co.’s offering of benchmarked-sized senior unsecured notes due 2024.

The notes are being offered in Canada by private placement.

Proceeds are expected to be used for general corporate purposes including the repayment of outstanding debt.

Fitch currently rates Disney's issuer default rating A.

The notes will rank pari passu with Disney's other unsecured debt. Roughly $22.2 billion of debt was outstanding as of July 1, 2017, including $1.4 billion of commercial paper.

“Disney's operating profile positions the company to generate free cash flow (FCF) in excess of $3.5 billion annually during the ratings horizon, which, coupled with strong liquidity and solid credit metrics provides the company with considerable financial flexibility at the current ratings,” Fitch said in a news release.

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