Fitch affirms Time Warner

Fitch Ratings said it affirmed Time Warner Inc.'s long-term issuer default rating at BBB, short-term issuer default rating at F2, senior unsecured rating at BBB and commercial paper at F2.Time Warner International Finance Ltd.'s short-term issuer default rating also was affirmed at F2 and commercial paper at F2. The agency also said it assigned a long-term issuer default rating of BBB for Time Warner International Finance Ltd.

The outlook is stable.

The ratings continue to reflect the company's strong and consistent free cash flow, sound liquidity, solid credit protection measures, leading market positions in core businesses and strong content brands, Fitch said.

Rating concerns continue to include secular challenges, cyclicality and event risk, the agency said.

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