Moody's rates Scripps Networks' TCM notes Baa1

Moody's Investors Service said it assigned a Baa1 debt rating to TCM Sub, LLC's $885 million senior notes due 2015.

TCM is a joint venture between Scripps Networks Interactive, Inc. (Baa1 senior unsecured rating) and Cox Communications, Inc. (Baa3 senior unsecured rating) and was created to facilitate Scripps' acquisition of a majority stake (65%) in the Travel Channel from Cox. Cox will retain a 35% minority interest in the network.

The outlook is stable.

The Baa1 rating reflects the credit support provided by Scripps via a guarantee of the TCM notes.

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