DBRS lowers Corus, rates notes BB (high)

DBRS said it downgraded Corus Entertainment Inc.’s issuer rating to BB (high) from BBB (low).

The agency also said it assigned a recovery rating of RR4 to the company’s senior unsecured notes and debentures, corresponding to a rating of BB (high).

The trend is stable.

The downgrade reflects mounting pressure on the company’s earnings profile as a result of a number of structural trends and the added uncertainty associated with recently announced unbundling rulings, DBRS said.

These factors will contribute to less predictable and potentially lower organic earnings over the near to medium term, the agency said.

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