We raised the long-term corporate credit rating on Corus Entertainment Inc. to 'BB+' from 'BB'. In addition, we raised our issue-level rating on the company's C$500 million senior unsecured notes due 2017 one notch to 'BB+' from 'BB'. We also revised the recovery rating on the notes to '3' from to '4'. We base the upgrade on Corus' ongoing improvement in its operating performance, as reflected in its first-quarter fiscal 2011 results, which has contributed to credit protection measures in line with the revised ratings. The stable outlook reflects Standard&Poor's expectation that the company will retain solid market positions in its core businesses and will pursue a financial policy and growth strategy in line with the revised ratings.
