Moody’s assigns Baa2 to CBS notes

Moody's Investors Service said it assigned a Baa2 rating to CBS Corp.’s proposed senior unsecured notes offering of benchmark size and maturity.

The notes will be senior unsecured obligations of CBS and will rank equally with all of CBS' current and future senior unsecured debt obligations.

The notes will be guaranteed by CBS Operations, Inc., a wholly owned subsidiary of CBS.

Proceeds include discretionary funding of the company's defined benefit pension plan, repayment of debt and for general corporate purposes. Moody’s said it does not anticipate leverage to be materially impacted as a result of this transaction.

The outlook is stable.

Moody’s said the Baa2 senior unsecured debt rating is supported by CBS’ leadership position in the media and advertising industry – as indicated by its significant revenue scale, a very valuable asset base of large market businesses and iconic brands in each of its segments, and stable double-digit operating margins.

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