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Summary: Bragg Communications Inc. Mar 12
Standard & Poors, March 2012
The ratings on Bragg reflect what we view as its aggressive financial risk profile characterized by weak pro forma adjusted debt to EBITDA ratio and weak cash flow protection credit measures given high ongoing capital expenditures for network expansion and growth initiatives. The ratings also reflect our view of an aggressive financial policy owing to the company's historically high tolerance for debt within its capital structure. The ratings on Bragg, however, benefit from what we see as the company's fair business risk profile supported by its strong and defensible market position as the incumbent provider of cable television and related services in Atlantic Canada, industry-leading penetration of revenue generating units, favorable prospect for growth in the near term, and the...
Companies mentioned in this report are: Bragg Communications Inc.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Bragg Communications Inc.