- Language: English
- Published: November 2012
Summary: CBS Corp. Oct 10
- ID: 1823690
- October 2010
- Standard & Poors
Standard & Poor's Ratings Services' 'BBB-' rating on CBS Corp. reflects our expectation that the company will continue to reduce leverage through EBITDA growth and modest debt repayment over the intermediate term. A recovery in local broadcasting, continued growth at the cable networks, and improved ad rates at the TV network should enable the company to reduce and maintain fully adjusted debt to EBITDA comfortably below our thresholds for the 'BBB-' rating, which is 4x by year-end 2011. We view CBS' business risk profile as satisfactory (see "Business Risk/Financial Risk Matrix Expanded," published May 27, 2009, on RatingsDirect) given the company's leadership positions in network TV, radio broadcasting, outdoor advertising, and network and syndicated TV programming production and distribution. Risks...
Companies mentioned in this report are: CBS Corp.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
SHOW LESS READ MORE >