S&P assigns Quebecor Media notes B

Standard & Poor's said it assigned its B debt rating to Quebecor Media Inc.'s proposed $750 million senior unsecured notes due 2015 and 2018.

The notes are rated two notches below the BB- long-term corporate credit rating, reflecting their junior position in the company's capital structure with debt at wholly owned subsidiaries, Videotron Ltee and Sun Media Corp. (both companies rated BB-/stable), ranking ahead of the proposed notes, the agency said.

The ratings and outlook on all companies are unchanged.

S&P said it largely expects proceeds from the notes to fund the proposed Osprey Media Income Fund acquisition.

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