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Moody's cuts Viacom

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Moody's cuts Viacom

Moody's cut ViacomInc.'s senior unsecured long-term debt ratings to Baa3 from Baa2and its short term commercial paper rating to Prime-3 from Prime-2.

The rating agency cited the company's announced plans to access debt capital markets in thenear term to improve liquidity as a reason for the downgrades, according to aSept. 22 news release. Viacom's ratings outlook is stable.

According to Moody's, the action reflects the "continuedweaker than anticipated rebound in the company's operating performance and cashflow contributions" and the expectation for higher near-term adjustedleverage.

Viacom recently ended efforts to find a minority stakeholderin its Paramount Pictures unit. The company also announced that Tom Dooley, itsinterim president and CEO, is leaving.