Moody's rates Time Warner Cable bonds Baa2

Moody's Investors Service said it assigned a Baa2 rating to Time Warner Cable Inc.'s proposed senior unsecured bonds.

The new $2 billion bond issue will be divided into two tranches with $500 million maturing in 2015 and $1.5 billion maturing in 2020.

Time Warner Cable's subsidiaries, Time Warner Entertainment Co. LP and TW NY Cable Holding Inc., will guarantee the proposed bonds, and it is anticipated that they will be pari passu with the company's existing senior unsecured debt.

Proceeds from the issuance will be used to repay debt outstanding under the company's term loan, to reduce commercial paper borrowings as they mature and for general corporate purposes.

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