Comcast Corporation -- Moody's says that Comcast's acquisition of 51% of Universal Studios Japan for $1.5 billion will not impact Comcast's A3 credit ratings

New York, September 28, 2015 -- Moody's says that Comcast Corporation's (A3, stable outlook) agreement to purchase a 51% stake in USJ Co., the operating company of the Universal Studios Japan theme park in Osaka, for $1.5 billion will not impact the Comcast's credit ratings or outlook. Current shareholders Goldman Sachs Group Inc., Seoul-based private equity firm MBK Partners Ltd. and USJ Chief Executive Officer Glenn Gumpel will retain minority stakes totaling 49 percent stake in USJ. According to Comcast, the transaction assumes an enterprise value of $6.2 billion for USJ, which means that there will be debt of around $3.3 billion on the entity. Moody's plans to account for Comcast's ownership in USJ Co. with respect to EBITDA, debt and free cash flow on a proportionate basis relative to its ownership.

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