Fitch rates Viacom notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Viacom Inc.'s proposed issuance of benchmarked sized five- and 20-year senior notes.

Viacom’s issuer default rating is BBB+.

The outlook is stable.

Proceeds will be used for general corporate purposes, including repayment of existing debt including Viacom's 1.25% notes due 2015 ($600 million of principal outstanding), borrowings under the commercial paper program and share repurchases.

Fitch calculates pro forma leverage at about 3 times. It expects Viacom to manage its leverage within its stated targets of 2.75 times to 3 times range.

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