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Netflix, Inc. -- Moody's assigns Ba3 rating to Netflix's proposed notes offering

Moody's Investors Service ("Moody's") has assigned a Ba3 rating to Netflix, Inc.'s (Netflix) proposed senior unsecured notes offering of benchmark size and maturity. Netflix's Ba3 corporate family rating (CFR), Ba2-PD probability of default (PD) and SGL-1 speculative grade liquidity rating remain unchanged. Pro forma for this debt issuance, Netflix's gross leverage will be 7.5x (including Moody's adjustments) for the last twelve months ended March 31, 2019 (7.0x on a last quarter annualized (LQA) basis and 4.5x on a pro forma net leverage basis).