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Article: Fitch Revises Disney's Outlook to Stable; Affirms 'BBB+/F2' Ratings.
- Article from:
- Business Wire
- Article date:
- December 20, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Fitch Ratings has affirmed The Walt Disney Company's (Disney) senior unsecured debt at 'BBB+' and commercial paper (CP) program at 'F2' and revised the Rating Outlook to Stable from Negative. Approximately $10.7 billion of rated public debt securities are affected by Fitch's action.
The Rating Outlook revision to Stable reflects the steady improvement in Disney's credit metrics resulting from the company's improved financial performance and from progressive reduction in debt. Credit metrics have trended positively in 2003 and 2004 as free cash flow has been utilized to reduce debt and the company's main operating units, particularly ESPN in cable ...