Moody's: Shaw unchanged

Moody's Investors Service said Shaw Communications Inc.'s (Baa3/stable) announcement that the company has tentatively agreed to take an equity position in a restructured Canwest Global Communications Corp. has no immediate impact on Shaw's ratings.

The agency anticipates that Shaw will fund its investment by reducing share buyback activity. Moody's also assumes the investment has no impact on Shaw's core cable operations, including plans to invest in wireless services.

Over the longer term, the rating impact will depend on Shaw's ability to balance the investment needs of Canwest with those of its core cable operations without impairing its credit quality, the agency said.

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