S&P rates CanWest Media loan B+

Standard & Poor's Ratings said it assigned its B+ bank loan rating and 2 recovery rating to CanWest Media Inc.'s C$911 million senior secured term E loan due August 2009. S&P also affirmed its B+ long-term corporate credit rating on CanWest Media.

The outlook is stable.

Proceeds from the new term E loan were used to repay CanWest Media's previous term D loan.

"The ratings on CanWest Media reflect its weak credit measures, high debt leverage and competitive operating environment," said S&P credit analyst Lori Harris.

S&P said these factors are partially offset by the company's leading Canadian market position and business diversity afforded by its newspaper publishing and television broadcasting assets, which alleviates the effect of the advertising revenue and newsprint price cycles.

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