Fitch affirms Viacom

Fitch Ratings said it affirmed Viacom Inc.'s issuer default rating, senior unsecured notes and debentures and senior unsecured bank facility due 2010 at BBB and its commercial paper at F2.

The outlook is stable.

The agency said Viacom's ratings and outlook are supported by the company's strong cash-generating ability, leading positions in numerous targeted demographics and overall global prominence of brands and by Fitch's expectations that management will maintain fiscal policies consistent with its ratings.

Credit concerns include Viacom's share repurchase activity and Fitch's expectations that shareholder-friendly initiatives will be a significant focus for senior management and the board of directors going forward as unlocking shareholder value was the basis of the split from CBS, the agency said.

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