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S&P: DirecTV notes BBB
Standard & Poor's said it assigned its BBB issue-level ratings to DirecTV Holdings LLC's and DirecTV Financing Co. Inc.'s issue of £750 million senior unsecured notes.
Pro forma for the transaction, debt to EBITDA was about 2.4x as of June 30, the agency said.
Over the long term, S&P said it expects the company to use the proceeds from additional debt financings, its cash balance and cash flow generation to fund shareholder-friendly initiatives - likely share repurchases - but to keep them within the 2.5x leverage parameter.
The BBB corporate credit rating and stable outlook on parent DIRECTV remain unchanged.
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