NEW YORK (Standard & Poor's) April 6, 2009--Standard & Poor's Ratings Services today placed its long-term ratings on New York City-based CBS Corp., including the 'BBB' corporate credit rating, on CreditWatch with negative implications. At the same time, we lowered our short-term ratings on the company to 'A-3' from 'A-2' and left these ratings on CreditWatch, where they were placed with negative implications on Feb. 11, 2009. "The CreditWatch listing of the long-term ratings reflects our expectation that fully adjusted leverage will rise meaningfully above our 4x threshold at the current rating level in 2009," said Standard & Poor's credit analyst Michael Altberg. "Our concern is most focused on local advertising weakness that has compounded adverse secular trends that have...
Companies mentioned in this report are:
- CBS Corp.
Action: On CreditWatch:Negative
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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.