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S&P rates Viacom notes BBB+
Standard & Poor's said it assigned a BBB+ rating to Viacom Inc.'s proposed issuance of up to $500 million senior unsecured notes due 2021.
The proceeds will be used to repay up to $500 million of its 6.25% senior unsecured notes due 2016, S&P said. As such, the transaction will have no effect on the company's leverage or other credit metrics, the agency said.
The long-term corporate credit rating on Viacom is BBB+.
The outlook is stable.
The rating reflects the company's satisfactory business risk profile as one of the premier operators of cable TV networks, S&P said.
The earnings volatility of the company's filmed entertainment business only slightly offsets the stable performance of the cable networks, the agency said.
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