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S&P might downgrade CBS
S&P said it placed its BBB corporate credit rating on CBS Corp. on CreditWatch with negative implications.
The BBB issue-level and A-2 short-term ratings were also placed on CreditWatch negative.
The agency said the action follows the lawsuit filed on May 14 by the company and the special board committee against controlling shareholder, National Amusements, Inc., alleging breaches of fiduciary duty.
S&P said it believes that considerable uncertainty surrounds the control and management of CBS in the wake of the lawsuit.
“Resolving the CreditWatch placements will depend on how the dispute between CBS and NAI ultimately plays out, which would likely take longer than the 90-day CreditWatch cycle,” the agency said in a news release.
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