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TIME WARNER $1 BILLION 8-3/8 PERCENT SENIOR. DEBENTURES RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 30 /PRNewswire/ -- Time Warner Entertainment Co., L.P.'s (TWE) new issue of $1.0 billion 8-3/8 percent senior debentures due 2023 is rated 'BBB-' by Fitch. Proceeds from the offering will be used to reduce bank debt. The credit trend is improving.
 Time Warner Inc.'s $3.143 billion 8-3/4 percent convertible subordinated debentures due 2015 are rated 'BB+'. The debentures will be issued in exchange for the company's outstanding Series C 8-3/4 percent preferred stock. The exchange will improve cash flow due to the tax savings associated with the deductibility of the interest expense of the debentures. The credit trend is improving.
 -0- 03/30/93
 /CONTACT: Keith B. Foley, 212-908-0572, or Stuart Rossmiller, 212-908-0639, both of Fitch/
 (TWX)


CO: Time Warner Enteratinment Co., L.P. ST: New York IN: ENT SU: RTG

AH -- NY068 -- 1122 03/30/93 14:18 EST
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Publication:PR Newswire
Date:Mar 30, 1993
Words:150
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