Press Release

DBRS Discontinues Ratings of Canwest Media and Canwest LP

Telecom/Media/Technology
July 15, 2010

DBRS has today discontinued and withdrawn its ratings of Canwest Media Inc. (Canwest Media) and Canwest Limited Partnership (Canwest LP).

Canwest Media has been operating under the Companies’ Creditors Arrangement Act (CCAA) in Canada since October 6, 2009, while Canwest LP has been operating under CCAA protection since January 8, 2010.

On May 3, 2010, Shaw Communications Inc. announced an agreement to acquire Canwest Media’s conventional and specialty TV operations in a transaction that values this business at roughly $2.0 billion.

On May 10, 2010, Canwest LP approved a bid in which members of an ad hoc committee of senior subordinated noteholders would acquire substantially all of the assets and subsidiaries of Canwest LP by for $1.1 billion. On July 13, 2010, Postmedia Network Canada Corp. announced it had closed on the purchase of Canwest’s LP’s assets. The Postmedia Network will be run by Paul Godfrey, current CEO of the National Post.

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

The applicable methodologies are Rating Media and Entertainment and Rating Printing & Publishing, which can be found on our website under Methodologies.

This is a Corporate rating.

Ratings

Canwest Limited Partnership
  • Date Issued:Jul 15, 2010
  • Rating Action:Disc.-W/drwn
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:--
  • Issued:CA
  • Date Issued:Jul 15, 2010
  • Rating Action:Disc.-W/drwn
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:--
  • Issued:CA
  • Date Issued:Jul 15, 2010
  • Rating Action:Disc.-W/drwn
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:--
  • Issued:CA
Canwest Media Inc.
  • Date Issued:Dec 30, 2009
  • Rating Action:Disc.-W/drwn
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:--
  • Issued:CA
  • Date Issued:Dec 30, 2009
  • Rating Action:Disc.-W/drwn
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:--
  • Issued:CA
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.