CHICAGO & NEW YORK, Jul 23, 2008 (BUSINESS WIRE) -- This week, Fitch published reports on two of the largest issuers
of debt in the Media and Entertainment sector: Time Warner Inc. and
The Walt Disney Company.

In the case of Time Warner, Fitch analyzed post-TWC transaction
business risk and credit considerations within the company's
indentures and organizational debt structure. Fitch believes that
while there may be further corporate actions contemplated by
management, the company has the flexibility and commitment to maintain
mid 'BBB' ratings.

In Disney's case, Fitch addressed market concerns regarding the
cyclicality of the business and highlighted several other factors that
differentiate Disney's credit profile from that of its peers. Fitch
believes Disney can comfortably withstand both a cyclical downturn and
secular shifts taking place in the broader media space.

Each report includes a discussion of the key credit risks and
opportunities for the companies going forward. The reports also
include a capital structure diagram, a portfolio summary, and a
summary of key credit facility and indenture provisions.

The reports, 'Time Warner, Inc. - Smaller But Stable; A Look at
Post Transaction TWX' and 'The Walt Disney Company - Credit Stability
Amid a Weakening Economy' are available on the Fitch Ratings web site
www.fitchratings.com.

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
Mike Simonton, CFA, 312-368-3138, Chicago
Jamie Rizzo, CFA, 212-908-0548, New York
or
Media Relations:
Brian Bertsch, 212-908-0549, New York

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