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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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      "text": "Levered Free Cash Flow: $2,580",
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      "text": "Current Credit Ratings: TWC and TWE are currently rated Baa1/BBB+ by Moody's and S&P, though are under review for a possible downgrade following the announcement to increase the targeted leverage ratios...",
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      "text": "Review of Cable Credit Profiles: The following table shows the credit statistics and current ratings for the major participants in the cable industry.",
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      "text": "\"[TWC's] strength as the second largest US cable system operator, with strong operating trends, healthy liquidity and strengthening credit metrics.\" — Moody's. \"the cable TV business is gaining subscriber units with its digital video and high-speed data services. Capital needs of this business should remain relatively stable, but video programming costs and new-service rollout costs are likely to hamper meaningful improvement in OIBDA margins over at least the near term.\" — S&P.",
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      "text": "(a) Cash flows are estimated based on the pro forma capital structure. (b) Moody's research report dated December 2005. (c) S&P research reports dated October 17, 2005 and November 30, 2005.",
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      "text": "Exhibit 3.45: SUMMARY FREE CASH FLOW ($ MM)(a)",
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      "text": "Chapter 3: Financial Strategy and Debt Capacity",
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