S&P rates 21st Century Fox notes BBB+

Standard & Poor’s said it assigned a BBB+ rating to 21st Century Fox America Inc.’s proposed issuance of $1 billion notes, which are split at an undetermined amount between 10-year notes and 30-year notes.

21st Century Fox America is a wholly owned subsidiary of Twenty-First Century Fox Inc., which guarantees the issues.

The transaction will keep leverage within the 3x threshold that is considered appropriate for Twenty-First Century Fox at the current rating, S&P said.

The company has earmarked proceeds for general corporate purposes, which could include repayment of upcoming debt maturities, the agency said.

The ratings reflect the company’s strong business risk profile and intermediate financial risk profile, S&P said.

Twenty-First Century Fox has good market positions in broadcast TV, cable TV programming and filmed entertainment, the agency said.

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