S&P rates CBS notes BBB

S&P said it assigned a BBB issue-level rating to CBS Corp.'s proposed senior unsecured notes due 2023 and 2028.

CBS said it intends to use the net proceeds for general corporate purposes, which could include discretionary funding of its defined benefit plans obligations, and to repay debt.

The BBB/A-2 corporate credit ratings and stable outlook on the company are unchanged.

“We view the proposed debt issuances as leverage neutral, since we already incorporate CBS' outstanding pension obligations in our debt calculation,” the agency said in a news release.

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