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Bragg Communications Inc. Assigned ?BB-' CCR, Stable Outlook; Proposed C$1.75B Debt Rated 'BB' (Recovery Rating: '2') Feb 12 Product Image

Bragg Communications Inc. Assigned ?BB-' CCR, Stable Outlook; Proposed C$1.75B Debt Rated 'BB' (Recovery Rating: '2') Feb 12

  • ID: 2048461
  • February 2012
  • Standard & Poors

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  • Bragg Communications Inc.
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Abstract
Atlantic Canada-based cable TV services provider Bragg Communications Inc. is refinancing its debt obligations. We are assigning our 'BB-' long-term corporate credit rating, and stable outlook, to the company. At the same time, we are assigning our 'BB' issue-level with a '2' recovery rating to Bragg's proposed C$1.75 billion equivalent senior secured bank facilities. The stable outlook reflects our expectation that Bragg's mature core cable operations should generate improving free operating cash flow over the next few years, enabling the company to fund growth initiatives while improving adjusted debt to EBITDA ratio to the lower-end of the range we expect for our aggressive financial risk profile assessment. TORONTO (Standard & Poor's) Feb. 3, 2012--Standard & Poor's Ratings Services today said...

Companies mentioned in this report are: Bragg Communications Inc.
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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