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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "Part of a larger financial strategy chapter; justifies the choice of an investment-grade rating over a more aggressive, non-investment-grade capital structure.",
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      "text": "Publishing should target a long-term leverage ratio of 3.25x - 3.50x total debt/OIBDA.",
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      "text": "Stable and predictable business with assumed revenue and OIBDA growth at a 4.4% and 5.8% CAGR, respectively over the 2005 - 2010 period",
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      "text": "Strong free cash flow (post-dividends) conversion in excess of 25% enables Publishing to delever to 3.8x in 12 months and 3.2x in 24 months",
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      "text": "Size and scale of Publishing with $5.8 billion in revenue and $1.2 billion OIBDA in 2005 – Publishing dwarfs its next largest publicly traded peer",
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      "text": "The analysis conducted on Publishing appears to suggest that Publishing as an independent company could manage leverage of up to 6.0x total debt/OIBDA... The recommendation, however, is to create a long-term capital structure for Publishing that results in an investment grade credit profile.",
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      "text": "Publishing, as a standalone company, should seek to maintain an investment grade rating. Publishing should be able to support leverage of 4.0x 2005PF OIBDA and still achieve an investment grade rating of Baa3/BBB- or higher.",
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      "text": "XII. PUBLISHING FINANCIAL STRATEGY",
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