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From Times Staff and Wire Reports
Standard & Poor’s Downgrades CBS Debt: In the wake of CBS Inc.’s $322 million in writeoffs because of costly baseball and football contracts, the credit rating agency said it lowered its ratings on CBS senior debt to single-A-minus from single-A, subordinated debt to triple-B-plus from single-A-minus, and preference stock to single-A-minus from single-A. Altogether, S&P; said the ratings change affects $825 million of rated securities and $400 million in senior debt shelf registration.
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