DBRS downgrades Corus

DBRS said it downgraded Corus Entertainment Inc.'s issuer rating to BBB (low) from BBB and senior unsecured notes to BB (high) from BBB (low), removing the ratings from under review with negative implications. All trends are stable.

These actions are a result of the company's intentions to fund the purchase of certain television assets from Bell Media Inc. and Shaw Media Inc. for a net acquisition price of C$481 million financed with bank debt and cash on hand.

DBRS noted that Corus has received approval from the Canadian Radio-television and Telecommunications Commission to acquire these assets.

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