S&P rates CBS notes BBB

Standard & Poor's said it assigned CBS Corp.'s proposed issuance of five- and 30-year senior unsecured notes its BBB issue-level rating.

The agency said it expects CBS to use net proceeds to repay at maturity its roughly $152 million of 8.625% notes due Aug. 1 and to redeem its roughly $339 million of 5.625% senior notes due Aug. 15.

S&P said it expects the transaction to have minimal intermediate-term impact on the company's leverage and other credit metrics.

The long-term corporate credit rating on CBS is BBB and the outlook is stable.

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