DBRS Rates Shaw Communications’ Planned Notes Issue BBB (low), Positive Trend

DBRS has today assigned a rating of BBB (low) to Shaw Communications Inc.’s (Shaw or the Company) planned Senior Unsecured Notes (the Notes) issue. The trend is Positive.

The issuance, which settles in March 2009, will be issued under Shaw’s $2.5 billion universal shelf prospectus dated March 11, 2009. The Notes will be unsecured obligations of Shaw and rank equally and ratably with all of Shaw’s existing and future senior unsecured indebtedness.

DBRS expects Shaw to use the proceeds from this Notes issue for debt repayment or redemption, for working capital and for general corporate purposes. DBRS notes that proceeds directed toward debt repayment or redemption will help to smooth out Shaw’s debt maturity profile.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Cable, which can be found on our website under Methodologies.

This is a Corporate (Cable & Satellite) rating.