Moody's rates Viacom notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Viacom Inc.'s proposed new $500 million of 10-year senior unsecured notes and 30-year senior unsecured debentures.

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

Proceeds from the issuance will be used for general corporate purposes, including the repayment of debt and the repurchase of shares under its share repurchase program.

The company's Baa1 long term-debt ratings will not be impacted by the temporary increase in leverage, as Moody's said it expect the company to remain within its guided metrics appropriate for its Baa1 rating.

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