S&P rates CBS notes BBB

Standard & Poor’s said it assigned a BBB rating to CBS Corp.’s proposed $1 billion senior unsecured notes.

The company plans to split the offering among senior unsecured notes due 2025 and 2045. The proceeds will be used for general corporate purposes, including refinancing its commercial paper balances.

The BBB long-term and A-2 short-term corporate credit ratings on CBS are unchanged.

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

CBS is also targeting a long-term gross leverage threshold of 2.5x, which is in line with the 2.75x adjusted leverage threshold for the company at the BBB rating level, the agency said.

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