S&P gives CBS revolver BBB

Standard & Poor's said it assigned its BBB issue-level rating to CBS Corp.'s $2.5 billion amended and extended revolving credit facility due 2019.

The company will the proceeds primarily for general corporate purposes.

At the same time, the agency assigned its A-2 short-term rating to CBS' proposed commercial paper program, which it upsized to $2.5 billion from $2 billion.

CBS’ BBB long-term and A-2 short-term corporate credit ratings remain unchanged.

S&P said it assesses CBS' business risk profile as "satisfactory," based on the company's leadership positions in network TV, radio broadcasting and syndicated TV programming production and distribution, as well as its healthy EBITDA margin.

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