Moody's assigns SGL-2 to Shaw

Moody's Investors Service said it assigned an SGL-2 speculative grade liquidity rating to Shaw Communications Inc.

The SGL-2 rating reflects Moody's view that Shaw Communications Inc. possesses a good liquidity position, characterized by positive free cash flow and unused committed bank availability, both of which are more than sufficient to fund modest debt maturities over the next 12 months.

Shaw's SGL-2 liquidity rating is supported by Moody's expectation that the company will generate at least C$150 million of free cash flow (after share buybacks) over the next 12 months. Moody's believes that this cash flow, together with C$710 million available from its C$910 million committed bank revolving facility, (which matures without amortization April 2009) will be more than adequate to fund C$307 million in debt maturities over the next 12 months.

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