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Viacom, CBS Ratings Raised and Removed From CreditWatch After Closing of Merger May 00
Standard & Poors, May 2000
NEW YORK (Standard & Poor's CreditWire) May 4, 2000--Standard & Poor's today raised its ratings for Viacom Inc. and CBS Corp. and units as listed below. The ratings are removed from CreditWatch, where they were placed Sept. 7, 1999 on the announcement of Viacom's agreement to merge with CBS in a stock-based transaction. The merger has been completed as anticipated, with Viacom as the surviving entity. The corporate credit rating for Viacom is now triple-'B'-plus. The corporate credit rating for CBS Corp. has been withdrawn. In addition, Standard & Poor's assigned its 'A-2' commercial paper rating to Viacom's 4(2) commercial paper program. The outlook on the combined company is stable. The Viacom-CBS combination results in a much stronger business profile,...
Companies mentioned in this report are: CBS Corp.,CBS Broadcasting Inc.,CBS Operations Inc.,CBS Corp.,Infinity Broadcasting Corp.,Paramount Communications Inc.,Outdoor Systems Inc.,American Radio Systems Corp.
Action: Upgraded, Off 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.
CBS Corp.,CBS Broadcasting Inc.,CBS Operations Inc.,CBS Corp.,Infinity Broadcasting Corp.,Paramount Communications Inc.,Outdoor Systems Inc.,American Radio Systems Corp.