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BULLETIN: Viacom $8 Billion Share Repurchase Plan Leaves 'A-' Rating, Stable Outlook Unchanged Oct 04
Standard & Poors, Oct 2004
Abstract
NEW YORK (Standard & Poor's) Oct. 28, 2004-- Standard & Poor's Ratings Services said today that Viacom Inc.'s $8 billion share repurchase program, announced today, does not affect the 'A-' corporate credit rating or stable outlook for the company. The company plans to execute the buybacks using free cash flow, cash balances, and available debt capacity, to the extent that it will still maintain a credit profile consistent with an 'A-' rating. Such repurchases could be reduced if acquisitions and business reinvestment consume the company's balance sheet capacity. The stable outlook reflects management's ability, to date, to accomplish its business growth and shareholder return objectives within Standard & Poor's target of 2.25x gross balance sheet debt to EBITDA....
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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