Fitch affirms CBS ratings |
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Tue, 20 Mar 2007 01:18
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NEW YORK (AP) - Credit-ratings agency Fitch Ratings on Monday affirmed some ratings for broadcaster CBS Corp.Fitch affirmed the company's issuer default rating and senior unsecured debt rating, both 'BBB,' which is an investment grade rating one notch above junk-bond status.'The ratings continue to be supported by the company's solid credit protection measures and capital structure, strong position in traditional media advertising outlets and its ability to generate material amounts of free cash flow,' Fitch said in a statement. 'The rating is limited by the company's aggressive dividend policy, an above-average exposure to the cyclical advertising markets, and an overall risk of competing technologies within the radio and television broadcasting segment.'Fitch changed the company's outlook to 'Stable' from 'Negative,' indicating a change in ratings in the near future is not likely.According to Fitch, CBS' total debt at Dec. 31, 2006 was about $7 billion, with $700 million due in May 2007, and the rest due 2010 and beyond.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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