Fitch rates CBS notes BBB

Fitch Ratings said it assigned a BBB rating to CBS Corp.’s proposed issuance of benchmark-sized senior unsecured notes.

The proceeds from the offering are expected to be used for general corporate purposes, including the repayment of short-term debt and share repurchases.

The company has a long-term issuer default rating of BBB, senior unsecured rating of BBB and short-term issuer default rating of F2.

CBS Broadcasting, Inc. has a long-term issuer default rating of BBB and senior unsecured rating of BBB.

The notes will rank pari passu with all other unsecured and unsubordinated indebtedness of CBS, Fitch said, and will be fully and unconditionally guaranteed by CBS Operations Inc., a wholly-owned subsidiary of CBS that directly or indirectly owns Showtime Networks, Simon & Schuster, CBS Television Studios, 10 of the company’s 29 full-power broadcast television stations and the partnership interest in the CW Network.

© 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.