CBS Corp. Apr 11
Standard & Poors, April 2011
Abstract
Leadership positions in network TV, radio broadcasting, outdoor advertising, and syndicated TV programming production and distribution. Potential for improving consolidated EBITDA margin as economic recovery continues. Good discretionary cash flow generating capability. Long-term uncertainties regarding fundamentals in radio and, to a lesser extent, local and network TV businesses. Longer-term potential for more variable performance (despite currently good standing) of the CBS Television Network, which would adversely affect the company's owned and operated TV stations. Standard & Poor's Ratings Services' 'BBB-' rating on CBS Corp. reflects our expectation that credit metrics will continue to improve modestly in 2011, despite difficult comparisons due to the absence of 2010 political revenue and the Super Bowl, which benefited the TV station group in the...
Companies mentioned in this report are: CBS Corp.,CBS Broadcasting Inc.,CBS Operations Inc.,Westinghouse Credit Corp.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
CBS Corp.,CBS Broadcasting Inc.,CBS Operations Inc.,Westinghouse Credit Corp.
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