Fitch affirms Time Warner

Fitch Ratings said it has affirmed Time Warner Inc.'s issuer default rating and debt ratings as follows: long-term issuer default rating at BBB; short-term issuer default rating at F2; senior unsecured at BBB; and commercial paper at F2.

In addition, Fitch said it affirms the ratings of subsidiary Time Warner International Finance Ltd. as follows: short-term issuer default rating at F2 and commercial paper at F2.

The outlook is stable.

Fitch noted that its ratings reflect the company's solid and consistent free cash flow and conservative financial policies and solid credit protection measures.

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