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Rating Action:

Moody's upgrades NBCUniversal's sr. unsecured ratings to A3 from Baa2; assigns its holding company, NBCUniversal Enterprise, an A3 rating for its new sr. unsecured debt, and assigns Baa3 to its preferred stock; the rating outlook for both is positive

01 Mar 2013

Approximately $17 billion in debt and preferred stock affected

New York, March 01, 2013 -- Moody's Investors Service upgraded NBCUniversal Media, LLC's (NBCUniversal) senior unsecured ratings to A3 from Baa2 and assigned A3 ratings to NBCUniversal Enterprise, Inc.'s ('NBCU Holdco') proposed $4 billion senior unsecured notes and $1.35 billion senior unsecured bank facility, and Baa3 ratings to NBCU Holdco's $725 million preferred stock. NBCU Holdco is a holding company that indirectly partially owns NBCUniversal and whose common equity is wholly owned by Comcast Corporation ('Comcast'- A3 senior unsecured). This concludes the review for upgrade of NBCUniversal's ratings initiated on February 13, 2013, following Comcast's announced agreement to acquire the remaining 49% stake in NBCUniversal that it does not own from General Electric Company ('GE' -- Aa3 sr. unsecured) for $16.7 billion (along with the purchase of NBCU-related real estate assets for $1.4 billion). The rating outlook for NBCUniversal and NBCU Holdco is positive.

The following is a summary of today's rating actions:

Assignments:

Issuer: NBCUniversal Enterprise, Inc.

.$4 billion Sr. Unsecured Notes, Assigned A3

.$1.35 billion Sr. Unsecured Credit Facility, Assigned A3

.$725 million Preferred Stock , Assigned Baa3

Upgrades:

Issuer: NBCUniversal Media, LLC

.$11.1 billion Sr. Unsecured Notes, Upgrade to A3 from Baa2

RATINGS RATIONALE

The upgrade of NBCUniversal's ratings reflects our expectation that Comcast will simplify the two separate capital structures by putting in place cross guarantees of debt between NBCUniversal and Comcast and its cable holding company subsidiaries, thereby consolidating Comcast and NBCUniversal into a single legal credit with equal credit ratings.

The 49% stake purchase will be partly funded by the new bank debt, notes and preferred stock which will reside at NBCU Holdco. The senior unsecured notes and bank facility will be guaranteed by Comcast and its cross guaranteed cable subsidiaries, but not by NBCUniversal. However, given that the majority of the consolidated company's cash flow is generated by the cable subsidiaries, and Comcast and its cable holding company subsidiaries are expected to benefit from NBCUniversal guarantees, the new NBCU Holdco debt is rated A3, the same as senior unsecured debt at Comcast and NBCUniversal. The preferred stock of NBCU Holdco, which will initially be issued to a subsidiary of GE, will not benefit from any guarantees, and is therefore both contractually and structurally subordinated to the NBCU Holdco debt, the NBCUniversal debt, as well as the debt at Comcast and its guaranteed subsidiaries. As a result, the preferred stock is rated Baa3, three notches below the senior unsecured debt ratings.

The consolidated company's A3 senior unsecured ratings reflect its scale and diverse sources of cash flows, together with its conservative balance sheet management and a reported debt-to-EBITDA leverage target of between 1.5x-2.0x (approximately 1.7x-2.2x with Moody's adjustments). The positive outlook reflects our expectation that the consolidated company will steadily decrease leverage over the next two years and have the ability to sustain Moody's adjusted leverage under 2.0x in the intermediate term which would result in an upgrade to A2.

The transaction is not subject to shareholder approval or financing, and is expected to close later in March.

The principal methodology used in this rating was the Large Global Diversified Media Industry published in December 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

NBCUniversal Media, LLC, with its headquarters in New York, New York, is 51% owned by Comcast Corporation (A3 senior unsecured rating) and 49% owned by General Electric Company (Aa3 senior unsecured rating), soon to be 100% owned by Comcast. As a diversified media company, NBCU is comprised of cable networks (including 15 cable channels and 13 regional sports and news networks), the NBC and Telemundo broadcast networks, 10 NBC affiliated and 15 Telemundo affiliated owned and operated local television stations, filmed entertainment and stage plays in various media formats (for theatrical, home entertainment, and television) and theme parks in Orlando and Hollywood. NBCU's revenue for FY 2012 was about $23.8 billion.

Comcast Corporation, with its headquarters in Philadelphia, Pennsylvania, is a leading provider of video, high-speed Internet and phone services to residential and commercial customers. The company also owns 51% of (soon to be 100%) and controls NBCUniversal Media, LLC, a diversified media company. Consolidated revenue for FY 2012 was $62.6 billion, with almost two-thirds derived from its cable system operations.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Neil Begley
Senior Vice President
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

John Diaz
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's upgrades NBCUniversal's sr. unsecured ratings to A3 from Baa2; assigns its holding company, NBCUniversal Enterprise, an A3 rating for its new sr. unsecured debt, and assigns Baa3 to its preferred stock; the rating outlook for both is positive
No Related Data.
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