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BULLETIN: Viacom Inc. to Issue Quarterly Dividend Jul 03
Standard & Poors, July 2003
Abstract
NEW YORK (Standard & Poor's) July 24, 2003--Standard & Poor's Ratings Services said today that Viacom Inc.'s (A-/Stable/A-2) initiation of a quarterly dividend payment, totaling about $420 million annually, does not affect its rating or outlook. Viacom has been a consistent performer in terms of earnings and cash flow, and typically converts 45%-65% of EBITDA to discretionary cash flow. While a dividend builds in an additional cash requirement, it should not alter the company's ability to maintain debt to EBITDA in line with Standard & Poor's 2.25x target for Viacom at an 'A-' rating level, while still achieving its growth objectives. The annual dividend represents about 7% of Viacom's EBITDA for the 12 months ended June 30, 2003. The stable...
Companies mentioned in this report are: CBS Corp.
Action: S&P Event
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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