S&P ups Viacom

Standard & Poor's said it raised its long-term corporate credit and senior unsecured debt ratings on Viacom Inc. to BBB+ from BBB.

The outlook is stable.

At the same time, the agency said it affirmed its A-2 short-term ratings on the company.

"The ratings upgrade reflects the company's lower leverage after significant debt repayment," said S&P credit analyst Deborah Kinzer.

"The stable outlook reflects its view that the company will keep its fully adjusted debt to EBITDA below 2.75x, which we regard as appropriate for a BBB+ rating on Viacom."

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