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Figment!
07-19-2007, 10:02 PM
Walt Disney 1.1 bln USD Notes Rated 'A-', on Positive Watch


AFX News Limited
7/17/2007

Standard & Poor's Ratings Services assigned an 'A-' rating to The Walt Disney Co's 350 mln usd issue of 6 pct global notes due 2017 and the company's 750 mln usd floating-rate global notes due 2010, and placed the ratings on positive watch.

All debt ratings on Disney, including its 'A-' corporate credit and its 'A-2' commercial paper ratings, remain on positive watch, S&P said.

'The creditwatch listing was based on the company's progress in strengthening credit measures, which, if sustainable, could lead to a one-notch upgrade to a single 'A' senior debt rating and an upgrade of the CP rating to 'A-1',' the agency said.

It added a key ingredient to an upgrade will be whether the company can sustain its currently more conservative capital structure, and how management would react to a scenario of weaker performance.
S&P expects the review to be completed by early to mid-September.