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Bulletin: CBS Corp. Stock Repurchase Program Does Not Affect Ratings Nov 10
Standard & Poors, Nov 2010
Abstract
NEW YORK (Standard & Poor's) Nov. 5, 2010--Standard & Poor's Ratings Services said today that CBS Corp.'s (BBB-/Stable/A-3) announcement of a $1.5 billion stock repurchase program beginning Jan. 1, 2011, does not affect the rating on the company. CBS plans to complete the program over 18 months. Given the company's cash balances and healthy conversion of EBITDA to discretionary cash flow, we believe the amount of the stock repurchase program is manageable, and shouldn't materially affect the company's liquidity position or debt leverage. As of Sept. 30, 2010, cash balances were roughly $1.1 billion and the company generated $1.3 billion of discretionary cash flow for the first nine months of 2010. Cash flow in 2010 benefited from the Super Bowl...
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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