Fitch upgrades Rogers Communications

Fitch Ratings said it upgraded Rogers Communications, Inc.'s issuer default rating to BB from BB-; Rogers Wireless, Inc.'s issuer default rating to BB from BB- and senior subordinated notes to BB from BB-; and Rogers Cable, Inc.'s issuer default rating to BB from BB-.

In addition, Fitch affirmed the senior secured ratings at Rogers Wireless and Rogers Cable at BB+.

The outlook is positive.

Fitch said the upgrade reflects Rogers' improving credit measures driven by the strong operating performance at the wireless segment that has materially exceeded expectations, debt reduction primarily at the Rogers level and its robust bundled service offering across the wireless and cable assets.

Credit concerns include the ongoing cash requirements at Rogers Cable, which had a free cash-flow deficit of $400 million (based on Fitch adjustments) in 2005.

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