DBRS Rates Shaw’s $400 million Senior Notes Issue at BBB (low), Stable Trend

DBRS has today assigned rating of BBB (low), with a Stable trend, to Shaw Communications Inc.’s (Shaw) recently announced $400 million Senior Unsecured Notes (the Notes) issue. The Notes will be issued under Shaw’s $1 billion debt shelf prospectus, dated February 16, 2007.

The Notes, maturing in 2017, carry a 5.70% coupon, and rank pari passu with all of Shaw’s existing and future senior unsecured obligations.

DBRS expects Shaw to use the proceeds from this notes issue to refinance existing debt outstanding, and for general corporate purposes.

DBRS upgraded the ratings of Shaw to BBB (low) from BB (high) on February 20, 2007 (Please see February 20, 2007 press release).

Note:
All figures are in Canadian dollars unless otherwise noted.