Viacom Isn't Serving Shareholders As Management Fights For Control: Standard & Poor's

Standard & Poor's Global Ratings said on Friday Viacom Inc.'s management and executives are failing shareholders as the legal tug of war for control of the media company continues to reflect poorly on the company and its corporate governance. S&P revised its assessment of the company's management and governance to fair from satisfactory. Viacom's BBB- credit rating remains stable, however. "By litigating against the Redstone Trust trustees, the company's most senior management representatives and a director are not serving and fulfilling their obligations to all of the company's stakeholders," S&P credit analyst Naveen Sarma said in a statement. S&P also said Viacom's independent board members haven't been effective in their roles, failing to adequately exercise their oversight during the current situation.