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Bulletin: CBS Corp. Ratings Unaffected By Announced Share Buyback Sep 07
Standard & Poors, Sep 2007
Abstract
NEW YORK (Standard & Poor's) Sept. 4, 2007--Standard & Poor's Ratings Services said today that the announcement by CBS Corp. (BBB/Stable/A-2) that it is buying back roughly 50 million shares for $1.6 billion and increasing its quarterly dividend from 22 cents to 25 cents per share, has no effect on the ratings on CBS and its subsidiaries. CBS had about $2.8 billion in cash as of June 30, 2007, which pro forma for the share buyback and proceeds from pending asset sales, was closer to $1.6 billion. Gross balance sheet debt to EBITDA was 2.2x as of June 30, 2007, and the company generated discretionary cash flow of just under $1 billion in the 12 months then ended. When including...
Companies mentioned in this report are: CBS Corp.
Action: Bulletin
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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