S&P gives A to Power Corp. of Canada debt

S&P said it assigned its A debt rating to Power Corp. of Canada's issuance of senior unsecured debentures.

The 30-year debt is for general corporate purposes, which may include the redemption of the company’s $250 million aggregate principal amount of 7.57% debentures due April 22, 2019. The new debt ranks pari passu with all of the company’s other current and future unsecured and unsubordinated debt.

“Our base-case expectation for PCC's leverage is below 40%, with fixed-charge coverage above 6.5x. We estimate both metrics to remain in line with our expectations,” S&P said in a news release.

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