Moody's rates Canwest notes B2

Moody's Investors Service said it assigned a B2 rating (LGD5, 70%) the C$312 million non-cash pay unsecured note in the name of Canwest Media Inc.'s affiliated company, CW Media Holdings Inc.

Canwest's B1 corporate family rating was affirmed.

Senior secured ratings were downgraded to Ba2 (LGD2, 20%) from Ba1 (LGD2, 16%), the agency said, because of revisions to the company's consolidated debt structure and liability waterfall.

The outlook was revised to negative from stable.

The outlook reflects a lack of a clearly articulated strategy for dealing with matters related to last year's acquisition of the former Alliance Atlantis' specialty television operations, Moody's said.

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