Moody's gives Videotron notes Ba2

Moody's Investors Service said it rated Videotron Ltee's $350 million senior unsecured note issue Ba2.

The agency said that Videotron is a wholly owned subsidiary of Quebecor Media Inc., which has a corporate family rating of Ba3.

As part of the rating action, the agency said that Quebecor's rating was affirmed along with the prevailing stable outlook.

In addition, a speculative-grade liquidity rating of SGL-3, indicating adequate liquidity, was assigned, the agency said, noting that Videotron plans to use the note proceeds to repay drawings under its senior secured revolving credit facility with any excess being for general corporate purposes.

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