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Moody's says Netflix's (NFLX +0.5%) conversion of its $200M zero-coupon convertible notes is...

Moody's says Netflix's (NFLX +0.5%) conversion of its $200M zero-coupon convertible notes is credit positive, but anticipated. Domestic leverage declines to 1.2x from 1.6x; gross leverage declines to 4.4x from 5.7x. "Given the debt reduction coupled with growth in subscribers and profitability, we believe Netflix is on track to become well positioned in the Ba3 rating category over the course of 2013."
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