Comcast Corporation -- Moody's assigns an A3 rating to Comcast Corporation's new debt issuance

New York, February 21, 2014 -- Moody's Investors Service assigned an A3 rating to Comcast Corporation's ("Comcast" -- A3 senior unsecured, positive outlook) proposed new notes issuance. The new notes are split in two tranches, maturing in 2024 and 2044. The bonds will be issued by Comcast, the ultimate parent, and will rank equally with all other unsecured and unsubordinated indebtedness of the company. The bonds will be guaranteed by the Cable Guarantors (cable holding company subsidiaries) and NBCUniversal Media, LLC ("NBCU"). Proceeds from the bond offering will be used for general corporate purposes, including to repay NBCU's 2.1% notes due 4/1/2014 ($900 million principal amount outstanding) and to repay a portion of the company's outstanding commercial paper borrowings. Accordingly, we expect the transaction will be essentially leverage-neutral and will have no impact on the company's debt-to-EBITDA ratio and the company's A3 senior unsecured rating. The rating outlook for Comcast is positive.

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