Press Release

DBRS Morningstar Assigns a Rating of BBB (low) with a Stable Trend to Cogeco’s Senior Secured Notes Issuance

February 24, 2023

DBRS Limited (DBRS Morningstar) has assigned a rating of BBB (low), RR1 with a Stable trend to Cogeco Communications Inc.’s (Cogeco or the Company; rated BB (high) with a Stable trend by DBRS Morningstar) $300 million 5.299% Senior Secured Notes due February 16, 2033. The ratings being assigned are based upon the rating on an already-outstanding series of the above-mentioned debt instrument.

DBRS Morningstar expects Cogeco to use an amount equal to the net proceeds from this offering to repay existing indebtedness under the Company’s $750 million term revolving facility and for other general corporate purposes.

There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at (May 17, 2022).

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies applicable to the ratings are Rating Companies in the Communications Industry (July 21, 2022;, DBRS Morningstar Criteria: Guarantees and Other Forms of Support (April 4, 2022;, and DBRS Morningstar Global Criteria: Recovery Ratings for Non-Investment Grade Corporate Issuers (September 1, 2022;

The rating methodologies used in the analysis of this transaction can be found at:

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at:

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on or contact us at [email protected].

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577