MEDIA mogul Rupert Murdoch's News Corp was rewarded with investment grade ratings from two agencies yesterday following moves to repay its massive bank debt. News Corp received a BBB-minus rating from Standard and Poor's Ratings Group and a BA2 rating from Moody's Investors Service in completing the successful sale of US$1 billion in long-term debt securities. The securities were sold in two tranches, with the proceeds to be used primarily to repay bank debt. News Corp has been negotiating with its bankers to reorganise its total debts, estimated at about A$10 billion (about HK$53 billion).
