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Rating Action:

Moody's Upgrades Disney's Ratings to A2 (Sr Unsecured) and Prime-1 (Commercial Paper); Assigns A2 Rating to Bank Facility; Outlook is Stable

23 May 2007
Moody's Upgrades Disney's Ratings to A2 (Sr Unsecured) and Prime-1 (Commercial Paper); Assigns A2 Rating to Bank Facility; Outlook is Stable

Approximately $13.8 Billion of Debt Securities Affected.

New York, May 23, 2007 -- Moody's Investors Service upgraded the senior unsecured ratings of The Walt Disney Company (Disney) to A2 from A3, the commercial paper ratings to Prime-1 from Prime-2, and the preferred stock shelf ratings of Disney Capital Trust, I, II, and III, to (P)A3 from (P)Baa1. In addition, Moody's assigned the company's $4.5 billion bank facilities A2 senior unsecured ratings. The upgrade of Disney's ratings incorporates Moody's view that the company possesses the ability to sustain its strengthened results and credit metrics which have occurred over the last twelve months, and management's commitment to maintain its strong balance sheet and metrics over the longer term. The outlook is stable. This concludes the review for upgrade initiated on January 18, 2007.

Upgrades:

..Issuer: Disney Capital Trust I

....Preferred Stock Shelf, Upgraded to (P)A3 from (P)Baa1

..Issuer: Disney Capital Trust II

....Preferred Stock Shelf, Upgraded to (P)A3 from (P)Baa1

..Issuer: Disney Capital Trust III

....Preferred Stock Shelf, Upgraded to (P)A3 from (P)Baa1

..Issuer: Walt Disney Company (The)

....Multiple Seniority Shelf, Upgraded to a range of (P)Baa1 to (P)A2 from a range of (P)Baa2 to (P)A3

....Senior Unsecured Conv./Exch. Bond/Debenture, Upgraded to A2 from A3

....Senior Unsecured Commercial Paper, Upgraded to P-1 from P-2

....Senior Unsecured Medium-Term Note Program, Upgraded to A2 from A3

....Senior Unsecured Regular Bond/Debenture, Upgraded to A2 from A3

Assignments:

..Issuer: Walt Disney Company (The)

....Senior Unsecured Bank Credit Facility, Assigned A2

....Senior Unsecured Bank Credit Facility, Assigned A2

Outlook Actions:

..Issuer: ABC Inc.

....Outlook, Changed To Rating Withdrawn From Rating Under Review

..Issuer: Disney Capital Trust I

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Disney Capital Trust II

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Disney Capital Trust III

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Disney Enterprises Inc.

....Outlook, Changed To Rating Withdrawn From Rating Under Review

..Issuer: Walt Disney Company (The)

....Outlook, Changed To Stable From Rating Under Review

Withdrawals:

..Issuer: ABC Inc.

....Senior Unsecured Regular Bond/Debenture, Withdrawn, previously rated A2

..Issuer: Disney Enterprises Inc.

....Senior Unsecured Medium-Term Note Program, Withdrawn, previously rated A2

....Senior Unsecured Regular Bond/Debenture, Withdrawn, previously rated A2

....Senior Unsecured Shelf, Withdrawn, previously rated (P)A2

In Moody's opinion, Disney has been able to achieve and maintain credit metrics, in particular debt-to-EBITDA, that position it solidly within the A2 rating. "Disney's success has been driven by its ability to produce top-notch content", stated Neil Begley, Senior Vice President at Moody's Investors Service, "by creating key franchises, such as Pirates of the Caribbean, Disney has been able to capitalize on successful brands by leveraging them across various platforms." The company has reiterated its continued commitment to financial discipline and a pristine balance sheet, specifically management's commitment to maintain debt-to-EBITDA (Moody's adjusted) at or under 2.0 times.

Moody's assigned an A2 senior unsecured debt rating to Disney's $2.25 billion senior unsecured revolving credit bank facility maturing in February 2011, and to its five-year $2.25 billion bank facility maturing February 2010, both of which back its $4.5 billion commercial paper program. The facilities are pari passu with Disney's senior unsecured bonds and have one financial covenant, interest coverage minimum of 3 times.

In addition, Moody's also withdrew the following debt ratings: Disney Enterprises' $125 million notes due in 2008, and its $300 million notes due in 2093; and ABC, Inc./Cap. Cities' $59.9 million of notes due in 2009, and its $97.6 million due in 2021. The ratings have been withdrawn because Moody's believes it lacks adequate information to maintain these ratings, and Disney, which does file financials, does not provide guarantees for these entities that we would otherwise rely on. Please refer to Moody's Withdrawal Policy on moodys.com.

The Walt Disney Company, headquartered in Burbank California, is a diversified international media and entertainment company.

New York
Neil Begley
Senior Vice President
Media & Telecom Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Mark Gray
Managing Director
Media & Telecom Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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