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CBS Corp. (Formerly Viacom) Rating Cut, Off Watch As New Viacom Takes Cable Networks, Film Jan 06

  • ID: 1823023
  • January 2006
  • Standard & Poors
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NEW YORK (Standard & Poor's) Jan. 3, 2006--Standard & Poor's Ratings Services said today that it lowered its ratings on CBS Corp. (formerly Viacom Inc.) to 'BBB' from 'BBB+' and affirmed the short-term rating of 'A-2' on CBS, and removed all ratings from CreditWatch, where they were placed with negative implications on March 16, 2005. The rating action was based on the Dec. 31, 2005, completion of the split-off of Viacom's cable TV and feature film production operations into the new Viacom Inc. The outlook is stable. With the completion of the separation of the new Viacom, CBS Corp. received a one-time dividend from the new Viacom, which was anticipated to be approximately $4.8 billion, according to old Viacom's amended...

Companies mentioned in this report are:
- CBS Corp.

Action: Affirmed
Action: Downgraded
Action: Outlook: Stable
Action: Removed From CreditWatch

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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- CBS Corp.

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