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NEWS AMERICA HOLDINGS $1.5 BILLION LYONS RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 8 /PRNewswire/ -- News America Holdings, Inc.'s new issue of $1.5 billion maturity value senior liquid-yield option notes (LYONS) due 2013 is rated BBB-' by Fitch. Approximately 80 percent of the proceeds (totalling about $493.6 million) will be used to reduce bank debt. The remainder will be used for general corporate purposes, which may include further reduction of bank debt. The notes rank pari passu with the bank debt and are guaranteed by the company's parent, The News Corp. Limited, and subsidiaries. The credit trend is stable.
 The investment grade rating reflects News Corp.'s recent refinancings which have significantly extended scheduled maturities. As a result, the company will be able to comfortably meet scheduled debt maturities over the next two years. The rating also acknowledges News Corp.'s diversified business portfolio, strong market positions, and improved financial flexibility resulting from significant capital investment, cash flow growth, and a full year of lower financing costs.
 Offsetting these improvements is the financial exposure related to the company's investment in aircraft leasing activities. In addition, the newspaper and magazine publishing operating units depend heavily on advertising revenues and, as a result, continue to be affected by fluctuations in regional economies.
 -0- 3/8/93
 /CONTACT: Keith Foley, 212-908-0572 or Stuart Rossmiller, 212-908-0639, both of Fitch/
 (NWS)


CO: News America Holdings, Inc. ST: New York IN: PUB SU: RTG

WB -- NY065 -- 4064 03/08/93 13:37 EST
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Publication:PR Newswire
Date:Mar 8, 1993
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