S&P lifts Rogers Communications

Standard & Poor's said it raised its long-term corporate credit ratings on Rogers Communications Inc. and its wholly owned subsidiaries, to BB+ from BB, on improving credit metrics and strong financial performance at Rogers Wireless Inc.

At the same time, the agency said it raised its short-term corporate credit rating on Rogers Communications to B-1 from B-2 based on improved financial liquidity, again stemming from solid cash flow generation at Rogers Wireless.

In addition, the rating on Rogers Wireless' senior secured debt was revised to BB+ from BB, while the rating on Rogers Cable Inc.'s senior secured second priority debt was affirmed at BB+.

The outlook was revised to stable from positive.

The agency noted that the upgrade reflects improvements in credit metrics in the past 18 months through meaningful EBITDA growth as well the conversion of debt-like instruments to equity in late 2005.

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