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Moody's rates Time Warner bond Baa2
Moody's Investors Service said it assigned Baa2 ratings to Time Warner Cable Inc.'s proposed senior unsecured bonds, comprising $750 million five-year 8¼% notes due February 2014 and $1.25 billion 10-year 8¾% notes due February 2019.
Subsidiaries Time Warner Entertainment Co., LP and TW NY Cable Holding Inc. will guarantee the proposed bonds.
The issuance represents an anticipated increase in debt to pre-fund a portion of the $10.9 billion special dividend announced on May 20, which is expected to occur in the first quarter of 2009 prior to Time Warner Inc.'s (Baa2 senior unsecured rating) planned spinoff of its interest.
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