Canwest ratings downgraded by Moody's, DBRS

TORONTO – The financial picture isn’t looking any brighter for Canwest Global Communications, as both Moody's Investors Service and DBRS downgraded the media conglomerate’s ratings this week. Moody’s downgraded Canwest Media’s corporate family rating and probability of default rating to Caa3 from B3, while the corporate family's consolidated speculative grade liquidity rating remained at SGL-4, indicating poor liquidity. The company's ratings outlook remains negative, the press release said. At the same time, instrument ratings for Canwest and its two rated affiliates, CW Media Holdings and Canwest Limited Partnership were downgraded, reflecting “the company's very weak financial results and lack of financial flexibility”. Saying...