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BULLETIN: CBS $9.5 Billion Write-Down Does Not Affect 'BBB' Senior Debt Rating, Stable Outlook Feb 06
Standard & Poors, Feb 2006
Abstract
NEW YORK (Standard & Poor's) Feb. 24, 2006--Standard & Poor's Ratings Services said today that CBS Corp.'s $9.5 billion impairment charge, which had been earlier signaled by the company, has no effect on the 'BBB' long-term corporate credit and senior debt ratings and the 'A-2' short-term credit rating on the company. The write-down mirrors factors, such as the mature growth prospects and competitive pressures in CBS' radio and TV broadcasting businesses, which were taken into account in our analytical process. These factors also underpin our 3.25x target gross debt to EBITDA ratio for the company at the 'BBB' rating level. Fourth-quarter operating income growth of 3% is consistent with our broader expectations of company earnings performance....
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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