DBRS Rates Rogers Communications’ Planned Notes Issue BBB, Stable Trend

DBRS has today assigned a BBB rating to the planned senior unsecured notes issues of Rogers Communications Inc. (RCI). The trend is Stable.

DBRS notes that the debt issuance is expected to consist of two tranches and will be under RCI’s shelf program dated November 8, 2007, and as amended and increased to US$4 billion from US$2 billion on October 29, 2008. The debt will be issued by RCI and guaranteed by two of its wholly-owned subsidiaries, Rogers Wireless Partnership and Rogers Cable Communications, Inc.

DBRS expects RCI to use the net proceeds from the debt issuance for general corporate purposes, including the previously announced early redemption of US$400 million of Senior Subordinated Notes due in 2012. These notes are expected to be redeemed on December 15, 2009, at a redemption price of 102%.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodologies are Rating Wireless and Rating Cable, which can be found on our website under Methodologies.

This is a Corporate (Telecom/Media/Technology) rating.

This rating is based on public information.