TORONTO – Canwest Global Communications received a downgrade from Moody’s Investors Service after the ratings agency concluded that Canwest has “no meaningful ability to reduce its debts” for the next few years. Weighing Canwest’s $3.6 billion in debt against the current economy, Moody’s said in a statement that “the ongoing recession is exacerbating the impact of secular changes to advertising patterns that have likely permanently impaired prospects for Canadian conventional television broadcasters”. Moody’s had previously suggested that Canwest consider selling its stake in Australian television network Ten, but noted that the value of this property has since “declined precipitously” and...
