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S&P rates Time Warner Cable notes BBB+
Standard & Poor's said it assigned a BBB+ rating to Time Warner Cable Inc.'s recent shelf drawdown of $750 million 8.25% notes due 2014 and $1.25 billion 8.75% notes due 2019.
The rating was simultaneously placed on CreditWatch with negative implications in conjunction with the BBB+ corporate credit rating, which was placed on CreditWatch in May.
Proceeds from the notes will partially prefund the special dividend related to the planned separation of Time Warner Cable from its majority owner, Time Warner Inc.
The agency said it expects to lower the long-term debt ratings on both Time Warner Cable and Time Warner to BBB with a stable outlook upon completion of the separation. The transaction is likely to close in early 2009.
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