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BULLETIN: Viacom Ratings Not Affected by Asbestos Litigation Nov 00
Standard & Poors, Nov 2000
Abstract
Corporate Credit Rating: BBB+/Stable/A-2 Standard & Poor's said today that Viacom Inc.'s disclosures regarding its asbestos-related liabilities are incorporated in Standard & Poor's ratings and outlook on the company. Asbestos claims arise from Westinghouse Electric Corp., which acquired CBS Inc. in 1995, and subsequently merged with Viacom Inc. in May 2000. Westinghouse was not a manufacturer, seller, or distributor of asbestos, but did sell certain products that included asbestos. While the company has a large number of claims, the settlement experience has been for very nominal amounts. Viacom has very substantial, yet untapped, insurance coverage that is paying a high proportion of settlement costs, leaving a minimal net cash annual outflow. In addition, it has sizable reserves that will make...
Companies mentioned in this report are: CBS Corp.
Action: S&P Event
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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