S&P shifts Corus view to stable

S&P said it revised the outlook for Corus Entertainment Inc. to stable from negative.

“The outlook revision reflects our view that the company’s debt repayment plans, spurred by its ability to generate meaningful discretionary cash flow (DCF), should lead to improved credit measures over the next 12 months, while Corus pursues an operational turnaround amid structural changes in the underlying industry. We believe the lower leverage (about 3.2x at fiscal 2021 from 3.7x in fiscal 2018) mitigates risks related to the company’s plans to address uneven revenue growth at Corus’ legacy media segments,” said S&P in a press release.

S&P affirmed the company’s BB long-term issuer credit rating on the company, and the BB+ issue-level rating, with a 2 recovery rating, on Corus’ senior secured debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.