Moody’s Downgrades Time Warner Debt: Moody’s Investors...

Moody’s Downgrades Time Warner Debt: Moody’s Investors Service said it downgraded certain debt ratings of Time Warner and Warner Communications. Despite the heavy debt load that Time and Warner are taking on because of their merger, “the outlook for revenue and operating cash flow growth at Time Warner and Warner Communications is positive,” the debt-rating company said. Moody’s downgraded Time Warner’s senior debt to BA2 from single-A2, its shelf registration to preliminary BA2 from preliminary single-A2 and its commercial paper to not prime from prime-2. Warner Communications’ subordinated debt was downgraded to BA3 from single-A3 and its commercial paper to not prime from prime-2.