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Fitch rates Viacom notes BBB
Fitch Ratings said it assigned a BBB rating to Viacom Inc.'s senior unsecured note offering.
Proceeds will be used to pay down existing debt.
Fitch's current issuer default rating for Viacom is BBB. The outlook is stable.
Fitch said Viacom's ratings and stable outlook are supported by the company's strong cash generating ability, leading positions in numerous targeted demographics, solid carriage positions with the multiple service operators and overall global prominence of its brands.
Concerns include weak total day ratings at MTV and an increasingly fragmented landscape for some of Viacom's key targeted demographics, secular challenges related to time-shifting, exposure to cyclical advertising, and the inherent volatility of the movie business, the agency said.
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