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Fitch revises Disney outlook to negative over coronavirus concerns

Fitch Ratings revised its outlook on The Walt Disney Co. to negative from stable, noting that the coronavirus pandemic will substantially weaken the company's operating and credit profile over the near term.

The rating agency believes that once the pandemic threat lessens, Disney's businesses will stabilize gradually with the return of economic activity. Fitch said it does not currently think that the short-term shock to Disney's business model will weaken the company's long-term credit quality.

The rating agency affirmed the A long-term issuer default rating as well as the F1 short-term issuer default rating and commercial paper ratings assigned to Disney and its subsidiaries.

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