09:46 AM EDT, 06/20/2024 (MT Newswires) -- S&P Global Ratings on Wednesday downgraded its issuer credit rating on Corus Entertainment (CJR-B.TO) to "B-" from "B+" after the company this month said some of its programming and trademark output arrangements with Warner Bros. Discovery will not be renewed when they expire on Dec. 31.

"The negative outlook reflects the overarching risks associated with the loss of Corus' certain Warner Bros. Discovery programming content," the agency said.

The rating agency also downgraded the issue-level ratings on the company's senior secured term loan to "B+" from "BB". The "1" recovery rating remains unchanged.

Additionally, the agency lowered its issue-level rating on Corus' unsecured debt to "B-" from "B+," and revised the recovery rating on the debt to "4" from "3,' reflecting a downward revision to Corus' enterprise value at default.

S&P revised its financial risk profile on Corus to highly leveraged from aggressive.