|
|
 |
|
Viewing report
|
|
|
|
AOL Time Warner Ratings Still on Watch Neg After 1Q Results and Sale of Comedy Central Stake Apr 03
Standard & Poors, April 2003
Abstract
NEW YORK (Standard & Poor's) April 23, 2003-Standard & Poor's Ratings Services said today that its 'BBB+' corporate credit rating on media giant AOL Time Warner Inc. remains on CreditWatch with negative implications. New York, N.Y.-based AOL Time Warner had roughly $30 billion in gross debt as of March 31, 2003. The company has posted first quarter operating performance gains and also announced on April 22 that it will sell its 50% stake in cable channel Comedy Central to Viacom Inc. for $1.225 billion. Operating results included a roughly 9% increase in EBITDA (adjusting for restructuring charges) and relatively strong conversion of EBITDA to discretionary cash flow. The EBITDA comparison is against largely flat performance in last year's first quarter--the...
Companies mentioned in this report are: Time Warner Inc.,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.
|
|
|
|
