Fitch gives Rogers notes BBB

Fitch Ratings said it assigned a BBB rating to Rogers Communications Inc. C$800 million of 30-year senior unsecured notes. The proceeds will be used to partially fund the redemptions that Rogers plans for about C$1.2 billion.

Rogers said it intends to use cash on hand and advances under the bank credit facility to fund the balance of the amount required. The 9.625% notes will be redeemed on Aug. 27 and the 7.625% notes and 7.25% notes will each be redeemed on Aug. 31.

The outlook is stable.

The terms and covenants of the new debt offering are virtually the same as Rogers existing debt, Fitch said. The notes are fully and unconditionally guaranteed by Rogers wholly owned subsidiary, Rogers Communications Partnership, and rank pari passu with Rogers existing unsecured senior debt, the agency said.

The ratings reflect the company's continued solid financial performance and stable credit measures, which have been driven by revenue growth, solid profitability and good free cash flow generation from both the wireless and cable operations, Fitch said.

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