Moody's downgrades Canwest's ratings once again

TORONTO – The news does not appear to be improving for Canwest Global Communications Corp. Moody's Investors Service has downgraded its probability of default rating (PDR) and corporate family rating (CFR) to Ca from Caa3, saying “it appears inevitable” that the debt-laden media giant will not pay the approximately $30.4 million of interest before “the expiration of the applicable 30 day cure period”. The payment was originally due on March 15, but that deadline was extended. "Even should a forbearance agreement be agreed-to, per standard practice, Moody's will view the payment missed at the end of the original cure period as...