Moody's rates Viacom notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Viacom Inc.'s $250 million of 4.25% senior unsecured notes due 2015 and the $300 million reopening of its 5.625% notes due 2016.

The ratings are on review for possible upgrade.

Proceeds from the notes will be used to repay borrowings under the company's revolving bank credit facility and its commercial paper program.

According to the agency, the bond offering does not impact the company's debt ratings because the transaction will be leverage-neutral.

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