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Bulletin: CBS Corp.'s Contemplation Of Share Buyback Has No Effect On Ratings Nov 06
Standard & Poors, Nov 2006
Abstract
NEW YORK (Standard & Poor's) Nov. 2, 2006--Standard & Poor's Ratings Services said today that the announcement by CBS Corp. (BBB/Stable/A-2) that is considering buying back $1 billion-$1.5 billion of stock with excess cash has no effect on ratings on CBS and subsidiaries. CBS had about $3.2 billion of cash as of Sept. 30, 2006, and total debt to EBITDA of 2.3x, and it generated discretionary cash flow of more than $1 billion in the 12 months then ended. EBITDA increased by 3% in the third quarter of 2006, reflecting strength in outdoor advertising and TV broadcasting, partially offset by declines in radio. We view the share repurchase as reasonable in size given the company's discretionary cash flow. Importantly, a...
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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