S&P changes Quebecor outlook to positive

S&P said it changed its outlook for Quebecor Media Inc. to positive from stable and affirmed all its ratings for the company and its subsidiary Videotron Ltee, including the BB+ issuer and unsecured debt ratings.

QMI completed its acquisition of Freedom Mobile on April 3.

“The rating action reflects our view that the Freedom Mobile acquisition is positive for Videotron, significantly increasing scale and diversity. We view Videotron's acquisition of Freedom Mobile (excluding Shaw Communications Inc.-branded customers), which had an estimated annual revenue of about C$1.1 billion (last 12 months ended Nov. 30, 2022), as a transformational acquisition, and it represents a major step in Videotron's ambition to expand nationally,” S&P said in a press release.

S&P said it will withdraw its issuer credit rating on QMI because all debt at this entity has been repaid. All rated debt will reside at Videotron.

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