...April 22, 2021 TORONTO (S&P Global Ratings) April 22, 2021--S&P Global Ratings today said it assigned its '##' issue-level rating and '3' recovery rating to Corus Entertainment Inc.'s proposed C$300 million senior unsecured notes due in 2028. The '3' recovery rating reflects our expectation of average (50%-70%; rounded estimate: 50%) recovery in a default scenario. We expect the company to use most of the proceeds to repay senior secured debt and hence view the transaction to be leverage neutral. Due to lower levels of senior secured claims in the recovery waterfall, we assess the recovery prospects for the senior secured debtholders to improve to 95% from 85%. As a result, today we also upgraded the company's current senior secured debt facility to '###-' from '##+' and revised the recovery rating to '1' from '2'. In case Corus upsizes the proposed senior unsecured notes, the '##' issue-level rating and '3' recovery rating will be unaffected but recovery prospects could marginally improve...
