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S&P rates Videotron debt BB+, ups Quebecor debt
S&P said it assigned its BB+ issue-level rating (the same as the BB+ issuer credit rating) and 3 recovery rating to Videotron Ltee.’s proposed offering of C$400 million senior unsecured notes due 2030. The 3 recovery rating denotes an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in default.
The company is a wholly owned subsidiary of Quebecor Media Inc.
Videotron plans to use the proceeds to repay borrowings under its revolver.
The agency also lifted the rating on Quebecor’s secured debt to BB+ from BB and changed the recovery rating to 4 from 5 because of the repayment on the term loan in July. The repayment frees up collateral for the revolver leading to a potential higher recovery.
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