Fitch: Rogers Wireless on watch

Fitch Ratings said it placed its BBB- senior secured rating of Rogers Wireless Inc. on Rating Watch negative following Rogers Communications Inc.'s announcement that the company has reached an agreement to purchase AT&T Wireless' 48.6 million shares of Rogers Wireless for $1.8 billion.

At this time, Fitch said the affect this proposed transaction will have on Rogers Wireless is uncertain since Rogers Communications has not provided definitive guidance whether Rogers Wireless will ultimately fund this consideration and due to other mitigating strategic issues.

Fitch said the operating and financial trends at Rogers Wireless have been strong based on the positive momentum created from the solid operating results over the past two years.

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