NEW YORK - Standard & Poor's lowered the rating for media company CBS Corp. to "BBB-" from "BBB" on Friday with a negative outlook.
The ratings service said that the downgrade stems from worries that CBS's work to decrease leverage by cutting costs and dividends have been "more than offset" by weakened revenue.
The ratings service said the outlook relates to the expectation that CBS's leverage will climb in 2009 and S&P's uncertainty about how fast this will decline.
