Fitch Withdraws Rogers Subsidiary IDRs; Upgrades Sub Debt.CHICAGO -- Fitch has withdrawn the Issuer Default Ratings (IDRs) of Rogers Wireless Inc. (Wireless) and Rogers Cable Inc.(Cable) following the amalgamation of Cable and Wireless with Rogers Communications Inc. (Rogers) on July 1, 2007. As a result of the amalgamation, Rogers assumed all of the outstanding notes and debentures of Wireless and Cable. In addition, Fitch has upgraded the senior subordinated notes of Rogers to 'BB+' from 'BB'. The ratings at Rogers are as follows: Rogers: --Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) at 'BBB-'; --Senior unsecured notes and debentures at 'BBB-'; --Senior subordinated notes upgraded to 'BB+' from 'BB'. The Rating Outlook is Positive. On July 1, Rogers completed the intracompany in·tra·com·pa·ny adj. Occurring within or between the branches of a company: an intracompany network. amalgamation of Rogers and its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Cable and Wireless. The amalgamated a·mal·ga·mate v. a·mal·ga·mat·ed, a·mal·ga·mat·ing, a·mal·ga·mates v.tr. 1. To combine into a unified or integrated whole; unite. See Synonyms at mix. 2. entity continues as Rogers, and Cable and Wireless are no longer separate corporate entities and have ceased as reporting issuers. As indicated in the Fitch press release dated May 15, 2007, Fitch would withdraw the IDR ratings at Cable and Wireless as well as upgrade the subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". once Rogers completed the amalgamation. On June 29, 2007, Rogers canceled an aggregate $2.3 billion of credit facilities at Cable, Wireless and Rogers Media Inc. and entered into a new unsecured $2.4 billion credit facility. Also, as part of the amalgamation, Cable and Wireless released all of the security provided by bonds issued under their respective deeds of trust for all of the outstanding public debt indentures and swaps at Cable and Wireless. Consequently, all of the outstanding public debt, swaps and new bank credit facility reside at Rogers on an unsecured basis. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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