Moody's: Viacom notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Viacom Inc.'s proposed new $750 million of senior unsecured notes.

The new notes are expected to include $500 million of three-year and $250 million of 30-year maturities.

It is anticipated that they will be pari passu with the company's existing senior unsecured indebtedness.

The proceeds will be used for general corporate purposes, including the repayment of debt, along with the repurchase of shares under the company's share repurchase program, Moody's said.

The offering will not affect the company's Baa1 long-term debt ratings as leverage is not expected to be materially impacted and within targeted metrics consistent with Viacom's current Baa1 senior unsecured credit rating, the agency said.

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