DBRS Discontinues Senior Unsecured Notes Rating of Glentel Inc.

DBRS has today discontinued the provisional Senior Unsecured Notes rating of Glentel Inc. (Glentel or the Company). The discontinuation follows the Company’s withdrawal of its Senior Unsecured Notes offering. Proceeds from the offering were intended to repay borrowing under Glentel’s credit facilities and for general corporate purposes. DBRS expects the Company to continue using its credit facilities, which mature in 2017, as its primary source of debt capital for general corporate purposes in the near term. Glentel’s Issuer Rating remains at BB (low) with a Stable trend.

Notes:
The applicable methodology is Rating Companies in the Merchandising Industry, which can be found on our website under Methodologies.