S&P revises ViacomCBS view to negative

S&P said it revised the outlook for ViacomCBS Inc. to negative from stable because it expects the company’s adjusted leverage to stay above 3x beyond the end of 2020.

“ViacomCBS's fourth-quarter results, its first reported quarterly results as a new company, came in significantly weaker than our expectations when we affirmed our BBB issuer credit rating on Dec. 4, 2019. Pro forma adjusted leverage was elevated at 4x as of Dec. 31, 2019, and free operating cash flow (FOCF) for the year was less than $1 billion, both of which were materially worse than we expected,” said S&P in a press release.

S&P affirmed its ratings on the company, including the BBB issuer rating.

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