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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes detailed footnotes regarding credit rating agency comments and cross-guarantees.",
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      "text": "TWX, despite the full implementation of the Management Repurchase Plan, would continue to be overcapitalized with significant excess debt capacity.",
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      "text": "(a) Reflects cross guarantee among TWX, Historic TW Inc., Time Warner Companies, Inc. and Turner Broadcasting System, Inc.",
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      "text": "debt/OIBDA: $20.0 billion",
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      "text": "The rating agencies placed TWX on credit watch negative as of November 2, 2005 (S&P) and November 4, 2005 (Moody's) following the announcement of the Management Repurchase Plan.",
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      "text": "TWX appears to have the capacity to increase its share buyback program to $20.0 billion over the 24 month period without risk of a downgrade below Baa2.",
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      "text": "The estimated impact of the Management Repurchase Plan on the credit statistics and FCF/share of TWX, TWX (excluding TWC) and TWC is illustrated in Exhibit 3.3.",
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      "text": "TWX 'has the financial flexibility, within the current Baa1 debt rating, to absorb the larger share repurchase [i.e., the Management Repurchase Plan] in the time allotted by management' — Moody's",
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      "text": "Exhibit 3.2: TWX CREDIT RATINGS",
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      "text": "III. TWX HAS CAPACITY TO SIGNIFICANTLY INCREASE ITS SHARE REPURCHASE PROGRAM",
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      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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