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S&P gives Videotron notes BB+
S&P said it gave BB+ issue-level and 3 recovery ratings to Videotron Ltee's proposed C$400 million and $500 million of unsecured notes. The 3 recovery rating indicates expectations for meaningful (50%-70%; rounded estimate: 65%) recovery in default.
The company plans to use the proceeds and about C$750 million cash on hand to fully repay the Videotron's 5% senior notes due 2022 and a portion of parent Quebecor Media Inc.’s senior notes due 2023.
Videotron’s BB+ issuer rating is unchanged, the agency said.
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