Moody's affirms CanWest

Moody's Investors Service said it affirmed the ratings of CanWest MediaWorks Inc. and CanWest MediaWorks LP following the announcement that the latter will reduce the amount of its planned debt offerings related to the privatization of CanWest MediaWorks Income Fund.

The outlook remains stable.

Specifically, CanWest MediaWorks LP's senior subordinated note offering will be reduced by $250 million to $400 million, partially offset by an increase in senior secured term loans of $65 million and a new planned senior subordinated term loan of $75 million.

Ratings affirmed include CanWest MediaWorks Inc.'s corporate family and probability-of-default ratings at B1, $760 million senior subordinated notes due 2012 at B3 (LGD5, 89%) and speculative grade liquidity rating at SGL-2; CanWest MediaWorks LP's $250 million senior secured revolver due 2012, $265 million senior secured term loan A due 2012 (increased from $250 million) and C$500 million equivalent senior secured term loan B due 2014 (increased from C$450 million equivalent) at Ba1 and its $400 million senior subordinated notes at B2.

The loss-given-default assessment was changed to LGD2 (13%) from LGD1 (7%) for the loans and to LGD5 (75%) from LGD5 (73%) for the notes.

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