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S&P upgrades 21st Century Fox on pending Disney acquisition

S&P Global Ratings on March 12 upgraded its issuer credit and issue-level ratings to A for 21st Century Fox Inc. and its financing subsidiary 21st Century Fox America Inc.

The rating agency also removed the rating from CreditWatch positive, where it was placed Sept. 25, 2018. The ratings action comes after Walt Disney Co. and 21st Century Fox said they expect Disney's pending acquisition of Fox assets to become effective at 12:02 a.m. ET on March 20.

S&P will withdraw its issuer credit rating on Fox and 21st Century Fox America upon completion of the acquisition. S&P will continue to rate the notes at 21st Century Fox America at the same rating level as Disney's notes.

The ratings action includes both issuer credit ratings on Fox and financing subsidiary 21st Century Fox America and issue-level ratings on Fox's public notes. The BBB issuer credit rating on Fox Corp. and BBB issue-level ratings on the $6.8 billion in debt issued by Fox Corp. are not affected by this ratings action.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.