CBS Corp. (CBS) Chief Financial Officer Fred Reynolds said Thursday that the media company may refinance its debt obligations through 2012 if credit market conditions continue to improve.

On a conference call with analysts following the company's first-quarter earnings release, Reynolds said CBS remains confident that it can meet its financial obligations through 2012 without issuing more debt. But he added that in recent weeks, credit markets have become more "accommodating."

If that trend continues, Reynolds said CBS may refinance its debt to longer-dated bonds. Some analysts have questioned whether CBS can meet its obligations through 2012 if recent ad trends continue.

-By Nat Worden, Dow Jones Newswires; 201-938-5216; nat.worden@dowjones.com