Moody's: Time Warner unchanged

Moody's Investors Service said it anticipates no immediate strategic changes that will impact credit standing for Time Warner Inc. and Time Warner Cable Inc. (both have senior unsecured debt rated Baa2, stable outlook).

The agency noted that Time Warner announced the appointment of Jeffrey Bewkes, formerly chief operating officer and president, as their new chief executive officer, effective as of January.

Moody's said that Bewkes replaces Richard Parsons, who will remain as board chairman for an un-determined time period, to smooth the transition, adding that the announced change in leadership was not unexpected and has no affect on the current credit rating and outlook (senior unsecured, Baa2 stable), but the new CEO may face growing investor pressure to rethink the company's strategy if the share price performance does not improve relative to the company's peers.

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