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In the case of Time Warner, Fitch analyzed post-TWC transaction business risk and credit considerations within the company's indentures and organizational debt structure. Fitch believes that while there may be further corporate actions contemplated by management, the company has the flexibility and commitment to maintain mid 'BBB' ratings.
In Disney's case, Fitch addressed market concerns regarding the cyclicality of the business and highlighted several other factors that differentiate Disney's credit profile from that of its peers. Fitch believes Disney can comfortably withstand both a cyclical downturn and secular shifts taking place in the broader media space.
Each report includes a discussion of the key credit risks and opportunities for the companies going forward. The reports also include a capital structure diagram, a portfolio summary, and a summary of key credit facility and indenture provisions.
The reports, 'Time Warner, Inc. - Smaller But Stable; A Look at Post Transaction TWX' and 'The Walt Disney Company - Credit Stability Amid a Weakening Economy' are available on the Fitch Ratings web site www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
SOURCE: Fitch Ratings
Fitch Ratings Mike Simonton, CFA, 312-368-3138, Chicago Jamie Rizzo, CFA, 212-908-0548, New York or Media Relations: Brian Bertsch, 212-908-0549, New York
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