S&P affirms Shaw Communications

Standard & Poor's said it affirmed Shaw Communications Inc.'s BBB- long-term corporate credit rating.

The outlook is stable.

The affirmation follows Shaw's plans to acquire 100% of the broadcast and specialty television business of Canwest Global Communications Corp., S&P said.

The acquisition will include all of the equity interest in CW Investments Co., the Canwest subsidiary that owns the specialty television channels acquired from Alliance Atlantis Communications Inc. in 2007 (the CW Media Group). The total consideration of the deal is about C$2 billion, including about C$815 million of net debt at the CW Media Group, S&P said.

The proposed transaction is subject to approvals, the agency said.

The acquisition will have an overall neutral impact on the company's business risk profile, S&P said.

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