Moody's Puts Comcast Ratings Under Review as Split Leaves 29 Million Broadband Customers More Exposed
Updated
Updated · Deadline · Jun 30
Moody's Puts Comcast Ratings Under Review as Split Leaves 29 Million Broadband Customers More Exposed
3 articles · Updated · Deadline · Jun 30
Summary
Moody’s placed many of Comcast’s credit ratings under review for downgrade after the company’s planned split into two businesses, with completion targeted for mid-2027.
The agency said the breakup would end Comcast’s 15-year revenue mix, leaving the remaining cable and broadband company more exposed to intensifying competition and weaker growth in broadband end markets.
Comcast’s leverage stood at 2.7 times debt to earnings for the 12 months ended March 31, but Moody’s said 2026 leverage will come under pressure as EBITDA and cash flow are lost with the Versant Media spin-off.
The remaining business still has scale — about 29 million residential broadband customers, 10.9 million pay-TV customers and 46 million Peacock subscribers — yet Moody’s said secular pressure on broadband is raising overall business risk.
Investors have so far looked past the warning: Comcast shares rose 4.5% on Monday after the split news and edged higher again Tuesday.