S&P rates Time Warner notes BBB

Standard & Poor's said it assigned a BBB rating to the proposed issues of 10-year and 30-year debt by Time Warner Inc.

The outlook is stable.

Proceeds will be used to fund a tender offer for its $1 billion of 6¾% notes due 2011, to repay amounts outstanding under its accounts receivable securitization facilities and for general corporate purposes.

The long-term corporate credit rating is BBB.

S&P said the rating reflects the company's commitment to ongoing lower leverage and its leading positions in cable TV networks and filmed entertainment, notwithstanding continuing weakness in its publishing business.

The agency said it expects the company to continue to maintain its fully adjusted gross debt-to-EBITDA ratio at less than the threshold of 3.5x for the BBB rating.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.