S&P affirms Rogers Group

Standard & Poor's said it affirmed its BB long-term corporate credit ratings on Rogers Communications Inc., Rogers Cable Inc. and Rogers Wireless Inc. on the proposed private debt placements at Rogers Cable and Rogers Wireless.

S&P said Rogers Wireless is planning to issue a combined total of $2.35 billion in secured and subordinated debt and Rogers Cable is planning to issue $420 million in secured debt.

Debt raised by Rogers Wireless is expected to refinance the C$850 million bridge loan received from Rogers Communications to support financing of the Microcell Telecommunications Inc. acquisition, and to initially distribute C$1.75 billion as a return in capital to Rogers Wireless Communications Inc.

S&P said the ratings reflect expectations that the C$1.75 billion will ultimately be used to repay debt incurred at Rogers Communications on Oct. 13, regarding the Rogers Communications acquisition of Rogers Wireless shares from AT&T Wireless Services Inc.

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