S&P gives News America bonds BBB+

Standard & Poor's said it assigned its BBB+ issue rating to News America Inc.'s $1 billion in new senior unsecured bonds.

The offering consists of $700 million of 6.9% senior notes due 2019 and $300 million of 7.85% senior notes due 2039, the agency said, noting that it expects proceeds will be directed toward debt maturities over the next several years.

News America is a wholly owned subsidiary of News Corp., which has guaranteed the issues, S&P said, adding that for the second fiscal quarter ended Dec. 31, revenue and EBITDA declined 8.4% and 34%, respectively, reflecting declines across all segments other than cable networks and magazines and inserts.

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