Fitch affirms CBS

Fitch Ratings said it affirmed CBS Corp.'s long-term issuer default rating at BBB, senior unsecured rating at BBB and short-term issuer default rating at F2.

The outlook is stable.

CBS is expected to maintain conservative financial policies and credit-positive approach to its capital structure. The company has adequate financial flexibility and liquidity, and is expected to delever to Fitch's 2.75x gross leverage target via EBITDA growth over the next 12 to 18 months, the agency said.

CBS' ratings continue to be supported by a strong presence in the top 25 U.S. markets, leading positions in first-run syndication, a robust library and pipeline of off-network syndicated programming and an increasing portion of carriage and re-transmission revenues, the agency said.

Concerns include an above-average exposure to cyclical advertising revenue, weak pro forma credit protection metrics, technological threats and a material maturity schedule over the next four years, the agency noted.

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