The affirmation also reflects the favorable evolution of industry fundamentals for publishers like Activision, solid revenue and cash flow growth opportunities, a strong commitment to conservative metrics and its Baa1 rating credit profile, and its ability to continuously develop quality content to keep its competitive edge in the evolving video game industry. The rating outlook is stable. Affirmed: ..Issuer: Activision Blizzard, Inc. ....Senior Unsecured Bank Credit Facility, Affirmed at Baa1 ....Senior Unsecured Regular Bond/Debenture, Affirmed at Baa1 Outlook Actions: ..Issuer: Activision Blizzard, Inc. ....Outlook, Remains Stable RATINGS RATIONALE Activision Blizzard, Inc. ("Activision") is one of the world's leading video game producers in the growing but significantly fragmented gaming industry. The company possesses strong revenue diversification across the globe and in multiple genres and gaming platforms.