Moody's ups CW Media

Moody's Investors Service said it upgraded CW Media Holding Inc.'s corporate family and probability of default ratings to Ba3 from Caa2, along with the rating on its senior secured facility to Ba2 from B3 and senior unsecured notes to B1 from Ca.

The outlook is stable.

The upgrade concludes a review that began in April 2009 that was intended to separate CW Media's ratings from those of Canwest Media Inc., a company deemed to control CW Media by way of a joint venture agreement with Goldman Sachs Capital Partners, Moody's said.

Subsequently in October, Canwest filed for creditor protection and while CW Media did not, its prospects and debt structure were inextricably linked to Canwest's pending restructuring, the agency said.

Moody's said it is confident that the company's debt structure will not be subject to material revision for the foreseeable future.

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