Cogeco Cable Inc.'s Proposed C$200 Million Notes Rated 'BBB' (Recovery Rating: '1') Feb 12
Standard & Poors, February 2012
Abstract
TORONTO (Standard & Poor's) Feb. 9, 2012--Standard & Poor's Ratings Services today said it assigned its 'BBB' debt rating, and '1' recovery rating, to Montreal-based Cogeco Cable Inc.'s proposed C$200 million 4.925% senior secured debentures series 3, due Feb. 14, 2022. These new debentures rank pari passu with all existing and future first-lien, senior secured indebtedness and contain total debt leverage ratio financial covenants. We rate the notes 'BBB' (two notches higher than the corporate credit rating on Cogeco Cable), with a recovery rating of '1', indicating lenders can expect very high (90%-100%) recovery in the event of default. The notes are being issued under the company's C$750 million short-form base shelf prospectus filed Dec. 16, 2010. We understand that...
Companies mentioned in this report are:
- Cogeco Cable Inc.
Action: New Rating
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.
- Cogeco Cable Inc.
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