S&P affirms CBS

S&P said it affirmed its BBB/A-2 issuer credit and BBB issue-level ratings on CBS Corp. and removed them from CreditWatch, where they were placed with negative implications on May 17, 2018, after the company and its board of directors filed a lawsuit against National Amusements Inc., its largest shareholder.

The outlook is negative.

“The negative outlook reflects our concern that various management and board changes could hurt operations or slow the company's ability to contend with the ongoing shift in media consumption and evolving competitive dynamics at a time when it needs to rein in its financial leverage, which remains above our downgrade threshold of 3x for the company,” S&P said in a news release.

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