Moody's ups Universal City notes

Moody's Investors Service said it upgraded Universal City Development Partners, Ltd.'s senior unsecured and senior subordinated notes ratings to Baa2 from B3, concluding the review for upgrade initiated on June 7.

The outlook is stable.

The upgrade follows NBC Universal Media, LLC's (Baa2/stable) announcement that it intends to launch a consent solicitation and offer to fully and unconditionally guarantee Universal Orlando's notes and the announcement of the closing of its acquisition of the remaining 50% interest in the company from its existing partner Blackstone Capital Partners for $1 billion, the agency said.

The acquisition closed on July 1.

Universal Orlando's credit facility was repaid and terminated in connection with NBC's buyout of Blackstone, the agency said. The credit facility termination and upgrade of the Universal Orlando's notes to investment-grade eliminate the need to maintain a corporate family rating on the company.

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