Moody's on Sept. 28 assigned a B1 corporate family rating toCBS Radio Inc.
The rating agency also assigned a Ba3 rating to CBS Radio'splanned $1.25 billion first-lien credit facility, which includes a $1 billionseven year term B and a $250 million five year revolver loan facility. Thecompany's proposed $460 million senior notes are rated at B3.
The outlook on the company is stable.
Moody's said that the B1 corporate family rating reflects,among other things, the company's position as the second-largest radiobroadcaster in the U.S., leading 19 of the top 25 markets in the country.
CBS Radio in July filed for an of its commonshares. CBS Corp.plans to separate CBS Radio via a tax-free spinoff, and plans to sell all ofCBS Radio shares that it will indirectly own upon the completion of the IPOafter the "lock-up" period.