DBRS Discontinues Canwest Media Inc.’s Secured Bank Debt Rating Following Repayment
Telecom/Media/TechnologyDBRS has today discontinued its ratings on Canwest Media Inc.’s (Canwest Media or the Company) Secured Bank Debt, as borrowings under this facility have been fully repaid. Previously, the instrument rating on this debt was CC, with a recovery rating of RR1.
This repayment was concurrent with the May 22, 2009, closure of a previously announced transaction to raise $175 million of new debt financing. This financing has allowed Canwest Media to repay its Secured Bank Debt and settle related obligations while giving it additional time to operate in the ordinary course as it continues to pursue a recapitalization of its balance sheet. (See DBRS press release dated May 20, 2009, for more details.)
The C Issuer Rating of Canwest Media remains Under Review with Negative Implications, as do the C (high) Issuer Rating and CC (low)/C (low) instrument ratings of Canwest Limited Partnership.
Notes:
All figures are in Canadian dollars unless otherwise noted.
The applicable methodology is Rating Media and Entertainment, which can be found on our website under Methodologies.
This is a Corporate (Publishing & Media) rating.
Ratings
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