DBRS Assigns BBB (low) Rating to Shaw Communications Inc.

DBRS Limited (DBRS) has today assigned a rating of BBB (low) to Shaw Communication Inc.’s (Shaw) $300 million, 3.80% Senior Unsecured Notes (the Notes) due March 1, 2027. The trend is Stable.

The Notes are unsecured obligations and rank equally with all other unsecured senior indebtedness of Shaw. DBRS expects Shaw to use the proceeds from this issue, together with cash on hand, to repay the $400 million principal amount of Senior Notes due on March 2, 2017.

The rating reflects Shaw’s position as the incumbent cable operator in Western Canada and its exposure to data services; it also considers intensifying competition and structural trends affecting wireline operations, as well as risks associated with technological and regulatory changes.

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

The principal methodologies are Rating Companies in the Communications Industry, Rating Companies in the Television Broadcasting Industry and Preferred Share and Hybrid Security Criteria for Corporate Issuers, which can be found on dbrs.com under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.