Corus’s credit rating downgraded amid earnings pressure

TORONTO – Credit ratings agency DBRS Morningstar announced Tuesday it has downgraded Corus Entertainment’s issuer rating to BB (low) from BB and also its senior unsecured notes to BB (low). “The credit rating downgrades reflect DBRS Morningstar’s concerns that Corus’ near- to medium-term earnings will remain under pressure as a result of a contraction in advertising revenue affected by the confluence of several factors, including a softening economic outlook, strike activity (now resolved) affecting content creation, and an increasingly competitive entertainment landscape,” reads a DBRS Morningstar press release. The agency, however, has changed all trends for Corus’s ratings to “stable” from...