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TEXT-S&P rates Quebecor Media Inc $1.35 bln notes 'B+'
2012年10月4日 / 晚上7点03分 / 5 年前

TEXT-S&P rates Quebecor Media Inc $1.35 bln notes 'B+'

Oct 4 - Standard & Poor's Ratings Services today said it assigned its debt
issue and recovery ratings to Montreal-based diversified communications and
media company Quebecor Media Inc.'s (QMI) proposed $1.35 billion aggregate
amount of senior unsecured notes due 2023.
These obligations comprise a US$850 million tranche and a C$500 million 
tranche. We rate the notes 'B+' (two notches below the corporate credit rating 
on QMI), with a recovery rating of '6', indicating lenders can expect 
negligible (0%-10%) recovery in the event of default. 

The notes and the guarantees are senior unsecured obligations of QMI, ranking 
equally with all existing and future unsecured unsubordinated debt of the 
company.

Net proceeds from the proposed $1.35 billion notes offering will be used to 
fund a C$1 billion share buyback from Caisse de depot et placement du Quebec 
(AAA/Stable/A-1+), and for partial redemption of the 2016 notes. 

"The ratings on QMI reflect the credit risk profile of the company and its 
consolidated subsidiaries, including 100%-owned Videotron Ltee, the largest 
cable operator in Quebec and third-largest in Canada; and 100%-owned Sun Media 
Corp., the largest newspaper publisher in Canada," said Standard & Poor's 
credit analyst Madhav Hari. 

The ratings on Videotron are equalized with those on parent QMI as per 
Standard & Poor's corporate ratings criteria.


RATINGS LIST
Quebecor Media Inc.
Corporate credit rating              BB/Stable/--

Rating Assigned
US$850 mil. senior unsecured notes   B+
 Recovery rating                     6 
C$500 ml. senior unsecured notes     B+
 Recovery rating                     6

我们的标准汤森路透“信任原则”
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