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S&P rates Videotron notes BB
Standard & Poor’s said it assigned its BB issue-level rating and 3 recovery rating to Videotron Ltee.'s proposed C$375 million 5¾% senior unsecured notes due January 2026. S&P rates the notes the same as the corporate credit rating on Videotron.
The 3 recovery rating corresponds with meaningful recovery (50%-70%; at the low end of the range) in a default scenario.
Proceeds from the new notes will be used to repay amounts drawn under the company’s revolving credit facility and have no effect on S&P’s expected consolidated credit measures for Quebecor Media Inc., Videotron's 100% owner.
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