...- We forecast Toronto-based Corus Entertainment Inc.'s operations will remain stressed as macroeconomic headwinds and greater competition continue to pressure the company's advertising revenue. - In addition, the disrupted fall schedule due to the Writers Guild of America (WGA) and Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) strikes could result in a 15%-20% decline in TV advertising revenue during Corus' first quarter of 2024, which is historically the strongest quarter. - Reflecting both the increased competitive intensity in digital advertising among the secular decline in traditional broadcast advertising, as well as the relative EBITDA volatility evidenced at the company in recent years, S&P Global Ratings has revised its business risk profile on Corus to weak from fair. - Therefore, S&P Global Ratings also lowered its issuer credit rating on Corus to 'B+' from '##-'. In addition, we lowered our issue-level rating on the company's secured debt...
