DIRECTV Holdings LLC -- Moody's confirms DIRECTV at Baa2 stable

New York, July 22, 2015 -- Moody's Investors Service, ("Moody's") has confirmed the Baa2 senior unsecured long term rating of DIRECTV Holdings LLC ("DTV Holdings") based on its imminent acquisition by AT&T Inc. ("AT&T" -- Baa1, negative). Moody's expects all regulatory approvals will be finalized within the next few days and AT&T will complete the acquisition of DIRECTV ("DTV"), the ultimate parent of DTV Holdings. Today's rating action assumes that AT&T will not issue an explicit guarantee of the debt at DTV Holdings which will continue to issue audited financial statements. As part of this rating action, Moody's has affirmed DTV Holdings Prime-2 commercial paper rating. The outlook is stable. This rating action concludes the review for upgrade initiated on May 19, 2014.

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