Discovery Communications, LLC -- Moody's downgrades Discovery Communications' senior unsecured long-term rating to Baa3, outlook stable

New York, January 27, 2016 -- Moody's Investors Service downgraded Discovery Communications, LLC's (Discovery, DCL, or the Company) senior unsecured long term debt rating to Baa3 from Baa2 following the company's announcement to increase its target leverage ratio to the 3.25x to 3.4x range, on a GAAP-reported basis. Moody's expects the revised guidance will translate to debt-to-EBITDA of about 3.5x to 3.7x, incorporating Moody's standard adjustments. This less conservative shift in financial policy is no longer indicative of a Baa2 rating. Moody's has also downgraded the company's commercial paper rating to Prime-3, from Prime-2.

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