CHICAGO, May 05, 2008 (BUSINESS WIRE) -- Fitch has assigned a 'BBB+' rating to Comcast Corporation's
(Comcast) $2 billion offering of senior unsecured notes. The notes
were offered in two tranches with the 5.7% notes due 2018 and the 6.4%
notes due 2038. The proceeds from the offering will be used for
general corporate purposes. The Rating Outlook for all of Comcast's
ratings is Stable. As of March 31 2008, Comcast had approximately
$31.4 billion of debt outstanding.

Fitch's ratings and Stable Outlook continue to reflect Comcast's
strong competitive position as the largest multiple system operator
(MSO) in the United States. Fitch believes that Comcast's cable
operation, together with its content assets, provides the company with
a strong foundation to be successful in an increasingly competitive
operating environment. In Fitch's opinion the company continues to
balance subscriber growth, cash flow and operating margin improvement
and investing in products and network. Within the context of
escalating competitive pressures, the ratings incorporate Fitch's
expectation that while weaker relative to stronger recent comparisons,
the company will continue to generate solid operating metrics,
sustainable EBITDA and free cash flow growth over Fitch's rating
horizon.

Ratings concerns center on Comcast's ability to maintain its
relative competitive position given the changing competitive and
economic environment, growing retail revenues beyond its core 'Triple
Play' service offering, expanding into the commercial services market,
efficiently managing its cable plant bandwidth to maximize desirable
high-definition (HD) content and continuing to balance investing in
its business with returning capital to shareholders.

During the first quarter of 2008 Comcast's free cash flow
generation (cash flow from operations less capital expenditures)
increased 62% (year over year basis) to approximately $828 million.
Comcast repurchased $1.0 billion of its common stock during the
quarter representing approximately 120% of its first quarter free cash
flow generation marking an increase relative to the first quarter of
2007 when stock repurchases accounted for approximately 98% of free
cash flow. Fitch continues to believe that there is sufficient
flexibility within the current ratings to support the current pace of
share repurchase activity and the payment of the company's dividend.
Comcast intends to exhaust the remaining capacity of its share
repurchase authorization, which as of the end of the first quarter of
2008 was approximately $5.9 billion, by the end of 2009.

The Stable Rating Outlook reflects Fitch's expectation that the
company's financial policy will continue to reflect a 'BBB+' rating
and balance returning capital to shareholders with the need to
maintain its balance sheet strength and financial flexibility.
Additionally, the Stable Outlook also incorporates Fitch's expectation
that the company's operating profile will not materially decline
during the near term in the face of competition and slowing economic
conditions.

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
conflicts of interest, affiliate firewall, compliance and other
relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

SOURCE: Fitch Ratings

Fitch Ratings
David Peterson, +1-312-368-3177 (Chicago)
Michael Weaver, +1-312-368-3156 (Chicago)
Brian Bertsch, +1-212-908-0549
(Media Relations, New York)

Copyright Business Wire 2008