Over the latest 12 months, Fitch has commented that Univision faced severalobstacles over the intermediate term. Importantly, two of those obstacles ?payment of the second-lien loan and the Grupo Televisa S.A (Televisa)litigation ? have largely been resolved. Fitch believes the company’s remainingmajor obstacle over the intermediate term concerns the impact the existingeconomic downturn will have on Univision’s ability to make interest andprincipal amortization payments and meet covenant step-downs. In Fitch’s view,Univision should have the ability to meet these obligations. While 2009 should be extremely difficult for advertising revenues, Fitchbelieves retransmission revenues, paid-in-kind (PIK) interest, and thematuration of $7 billion of higher-than-market interest rate swaps shouldprovide the additional liquidity needed for debt compliance over the short term.Fitch’s current expectations are for advertising revenue to be down in the 10%range, comprised of national advertising likely down in the low single digitsand local advertising down more than 15%. However, Fitch expects Univision’s netfirst-lien leverage to remain below the covenant limit of 11.25 times (x) byyear-end 2009 and that the company should be able to handle future covenantstep-downs. The ratings are supported by Univision’s underlying portfolio of assets, whichinclude duopoly television and radio stations in most of the top Hispanicmarkets, with a national overlay of broadcast and cable networks.

Liquidity is supported by approximately $473 million of cash on hand on March31, 2009. The company had approximately $43 million of cash remaining in theReserve Fund at that same time and received a distribution of $17 million inApril 2009. Additionally, the company used $150 million to permanently reduceits revolver borrowings on June 19, 2009. The company’s remaining maturityschedule includes principal amortization on its term loans of approximately $150million in 2010 and $200 million in 2011. Univision’s $500 million 7.85% seniornotes mature in July 2011, potentially bringing total 2011 maturities above $700million. Principal amortization is reduced to less than $90 million per yearthereafter.

Fitch’s expectations are for the company to generate positive cashflow in 2010 and 2011 and to be able to handle these maturities organically.Remaining bullet maturities begin in 2014 and are substantial. The Recovery Ratings and notching reflect Fitch’s recovery expectations under adistressed scenario. Univision’s recovery ratings reflect Fitch’s expectationthat the enterprise value of the company, and hence, recovery rates for itscreditors, will be maximized in a restructuring scenario (going concern), ratherthan a liquidation. Fitch has recently reduced its market multiple to 7x from9x, reflecting the existing difficult economic environment.

The 7x marketmultiple reflects the company’s FCC licenses in top U.S. markets, theelimination of the Televisa litigation and long-term growth prospects, amongother things. Fitch estimates the adjusted distressed enterprise valuation inrestructuring to be approximately $4.4 billion. The ‘B+/RR3′ rating for thesecured debt reflects Fitch’s expectations for recovery at the low end of the51%-70% range under a bankruptcy scenario. For additional information, please see Fitch’s 10-page report on Univisionpublished today and available on Fitch’s web site at Fitch’s rating definitions and the terms of use of such ratings are available onthe agency’s public site, Published ratings, criteria andmethodologies are available from this site, at all times.

Fitch’s code ofconduct, confidentiality, conflicts of interest, affiliate firewall, complianceand other relevant policies and procedures are also available from the ‘Code ofConduct’ section of this site. Fitch RatingsJamie Rizzo, CFA, 212-908-0548, New YorkMike Simonton, CFA, 312-368-3138, ChicagoorMedia Relations:Cindy Stoller, 212-908-0526, New YorkEmail: Copyright Business Wire 2009. DANBURY, Conn., June 24, 2009 (GLOBE NEWSWIRE) — Penwest Pharmaceuticals Co.(Nasdaq:PPCO) today announced that IVS Associates, Inc., the independentinspector of election for the Company’s Annual Meeting of Shareholders, held onJune 10, 2009, has certified the results of the meeting.The certified results confirmed that Penwest shareholders voted to elect JosephEdelman and Kevin C. Tang as directors.The certified results also confirmed that Penwest shareholders have approved thenon-binding advisory proposal requesting that the Board wind down the Company’soperations. This proposal will be considered by the entire Board, including thetwo new Board members, at future meetings.Finally, the certified results confirmed that the two bylaw amendment proposals,requiring supermajority Board approval for certain actions and setting April30th as the date for all future annual meetings, were not approved.Jennifer Good, President and Chief Executive Officer of Penwest, said, “Wewelcome Mr Edelman and Mr Tang to the Board. We have already met with both ofthem and look forward to working with them in our efforts to continue to buildvalue for our shareholders.”Mr. Tang commented, “Joe and I greatly appreciate the support of our fellowshareholders.