Research Update: Bragg Communications Inc. Rated BB-' With A Stable Outlook; Proposed C$1.75B Debt Rated 'BB' (Recovery Rating: '2') Feb 12
- Language: English
- Published: February 2012
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
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Bragg Communications Inc.