Moody's rates Rogers notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Rogers Communications Inc.'s $1.4 billion 6.8% senior notes due 2018 and $350 million 7½% senior notes due 2038.

The company's Baa3 senior unsecured and Ba1 senior subordinated ratings were affirmed.

The outlook is positive.

Proceeds will be used for general corporate purposes, which is likely to include repayment of its outstanding loans under the company's $2.4 billion revolving credit facility and help funding the $1 billion AWS spectrum acquisition.

The agency said that Rogers' cash flow profile should allow it to achieve measures that are superior to the previously noted 3 times total adjusted debt-to-EBITDA ratio.

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