Second-largest media company in Canada Strong subscriber penetration and ratings performance in specialty television focused on women and children Secular pressure on revenue from disintermediation of traditional media delivery and advertising fragmentation owing to growth in mobile and other online platforms Rapid deleveraging since the debt funded acquisition of Shaw Media Inc. Synergies and high EBITDA cash conversion, which should support meaningful free cash flow generation that will likely repay debt Commitment to reduce adjusted debt leverage below 4x, which mitigates rising business risks The stable outlook reflects S&P Global Ratings' expectation that Corus Entertainment Inc. will post adjusted debt-to-EBITDA ratio of 4x and adjusted funds from operations (FFO)-to-debt of about 14% in fiscal 2017, with leverage declining below 4x
