Summary: Bragg Communications Inc. Mar 12

Standard & Poors, March 2012

Abstract
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.
Action: Review

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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.

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