Corus Entertainment Inc.'s previously announced acquisition of Shaw Media for C$2.65 billion is complete effective April 1, 2016. Pro forma for the acquisition, we expect Corus' adjusted debt leverage to be in the 4x-5x range for the next year, consistent with an aggressive financial risk profile and a lower rating. As a result, we are lowering our ratings on Corus, including our long-term corporate credit rating to 'BB' from 'BB+'. At the same time, we are removing ratings that were on CreditWatch, where they had been placed with negative implications Jan. 13, 2016. We are also withdrawing our 'BB+' issue-level rating and '3' recovery rating on the company's C$550 million unsecured notes, based on the full redemption of the notes
