DIRECTV 2005 Annual Report Download - page 73
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THE DIRECTV GROUP, INC.
The Company
Effective January 24, 2005, Moody’s no longer provides a security rating for us, consistent with its
normal practice of providing a rating for only the primary debt issuer. Accordingly, Moody’s provides
security ratings only for DIRECTV U.S., as described below.
On February 2, 2005, Standard and Poor’s Rating Services, or S&P, affirmed our long-term
corporate rating of BB and revised the outlook to stable, citing potential share repurchase activity while
discretionary cash flow was negative. In connection with the refinancing at DIRECTV U.S., S&P
affirmed our corporate rating at BB, with a stable outlook.
DIRECTV U.S.
On April 4, 2005, in connection with our April 2005 refinancing transactions, Moody’s assigned a
Ba1 rating to DIRECTV U.S.’ senior secured credit facility. In addition, it affirmed DIRECTV U.S.’
Ba2 senior implied and Ba2 senior unsecured ratings. On June 8, 2005, Moody’s assigned a Ba2 rating
to DIRECTV U.S.’ 6.375% senior notes discussed in Note 9 of the Notes to the Consolidated Financial
Statements in Part II, Item 8 of this Annual Report. The ratings remain on stable outlook.
On April 5, 2005, in connection with our April 2005 refinancing transactions, S&P assigned a BB
rating to DIRECTV U.S.’ senior secured credit facility and affirmed DIRECTV U.S.’ BB corporate
and BB- senior unsecured ratings. On June 8, 2005, S&P assigned a BB- rating to DIRECTV U.S.’
6.375% senior notes and affirmed its corporate, senior secured and unsecured ratings. All ratings
remain on stable outlook.
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