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S&P rates Rogers Wireless notes
Standard & Poor's said it assigned its BB+ rating to Canadian nationwide wireless operator Rogers Wireless Inc.'s proposed US$750 million senior secured notes due 2014 and affirmed the ratings on Rogers Wireless, including the BB+ long-term corporate credit rating.
The outlook is positive.
Proceeds from the new issuance will be used to retire three debt issues maturing in 2007 and 2008 of a relatively equivalent amount and for general corporate purposes. The refinancing will also result in a marginal increase in consolidated debt and a longer dated amortization profile.
"Factored into the ratings are continued improvement in the company's operating results and financial performance, and the stability of the Rogers AT&T franchise in the Canadian wireless industry reflected in its large subscriber base, its national distribution channels, and its nationwide footprint," said S&P credit analyst Joe Morin.
S&P said the ratings also reflect expectations for continued subscriber growth, albeit slower than historical growth, as penetration in Canada continues to lag other developed countries. Growth prospects for wireless data are also encouraging.
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