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  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "This slide serves as a historical record of corporate financial actions and credit agency responses.",
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      "text": "The Company despite the reaffirmation of its ratings and despite achieving its target in the 2nd quarter of 2004, continued to pursue debt reduction as its sole financial objective.",
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      "text": "On January 29, 2003, when TWX management announced its formal decision to pursue its debt reduction policy, much of the market's concern about TWX had eased. TWX, again, had no material external funding needs that could not be accommodated by its 2002 financings. TWX, at the height of the market's concern, still had approximately $10 billion of untapped credit capacity.",
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      "text": "On October 24, 2003, S&P removed TWX from CreditWatch and reaffirmed its BBB+ (Negative) rating and, on December 19, 2003, Moody's stated that it would reaffirm TWX's outlook to Baa1 (Stable). The Company despite the reaffirmation of its ratings and despite achieving its target in the 2nd quarter of 2004, continued to pursue debt reduction as its sole financial objective.",
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      "text": "The Company's announced intention was to reduce its overall level of indebtedness, with a stated target net debt of $20 billion at year end 2004 (down from a net debt balance of $25.8 billion as of December 31, 2002). Funding for the debt reduction would come through Free Cash Flow and the sale of \"non-core\" assets.",
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      "kind": "source-note",
      "text": "(a) Company filings. (b) Heather Goodchild, S&P, TWX Rating Affirmed. Off CreditWatch; Outlook Negative, October 24, 2003. Neil Begley, Moody's, Time Warner Inc, December 19, 2003.",
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      "kind": "title",
      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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