Moody's says Discovery's Baa2 ratings not affected by share buybacks and European acquisitions, but leverage increases

New York, December 18, 2012 -- Moody's Investors Service said Discovery Communications, LLC's (Discovery) Baa2 senior unsecured rating and stable rating outlook are not affected by Discovery Communications, Inc.'s (DCI, Discovery's parent) announced acquisitions of ProSiebenSat.1 Group's SBS Nordic operations (SBS) and a 20% interest in TF1's Eurosport group, as well as DCI's plan to repurchase a similar amount of stock in 2013 as it is in 2012. The moves nevertheless reflect an aggressive use of cash and debt that increase leverage and will weakly position the company within the Baa2 rating category for the next 12- 18 months. For further information, please see the issuer comment posted to www.moodys.com.

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