CBS (NYSE: CBS) Offers to Repurchase $500 Million of Notes

Shares of CBS (NYSE:CBS) are trading 0.4% lower to $14.08 Tuesday after the company offered to repurchase up to $500 million of notes that mature in May 2011 and August 2012, as the broadcaster continues its effort to repay and refinance its debt.

Standard & Poor's recently raised its outlook on the company to stable from negative, as the rating firm believes that debt payment, as well as earnings growth, will combine to reduce fully adjusted debt leverage this year and in 2011.