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S&P gives BB+ to Videotron Ltee notes
S&P said it assigned its BB+ issue-level rating and 3 recovery rating to Videotron Ltee's proposed C$500 million unsecured debt.
Videotron is a fully owned subsidiary of Quebecor Media Inc. The 3 recovery rating on the proposed debt indicates an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in a simulated default.
The company plans to use proceeds for general corporate purposes, including the repayment of existing debt.
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