Press Release

DBRS Morningstar Assigns Rating of BBB (low) With Stable Trends to Rogers Communications Inc.’s Debt Issuances

September 25, 2023

DBRS Limited (DBRS Morningstar) assigned ratings of BBB (low) with Stable trends to Rogers Communications Inc.’s (Rogers or the Company; rated BBB (low) with a Stable trend by DBRS Morningstar) $500 million 5.65% Senior Notes due 2026, $1,000 million 5.70% Senior Notes due 2028, $500 million 5.80% Senior Notes due 2030, and $1,000 million 5.90% Senior Notes due 2033 (collectively, the Notes).

The assigned ratings are based upon the credit rating on an already-outstanding series of the above-mentioned debt instrument.

The Notes are unsecured, unsubordinated obligations of Rogers and the Guarantor, respectively, and will rank pari passu with Rogers’ and the Guarantor’s existing and future unsecured, unsubordinated debt. Payment of the principal, premium, if any, and interest on each series of the Notes will be fully and unconditionally guaranteed by Rogers Communications Canada Inc., one of Rogers’ direct, wholly owned subsidiaries.

DBRS Morningstar expects Rogers to use the total net proceeds for general corporate purposes, which may include the repayment of short-term debt, borrowings under its credit facilities, or other borrowings at or prior to their maturity.

There were no Environmental/Social/Governance factor(s) 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 (July 4, 2023) at

All figures are in Canadian dollars unless otherwise noted.

DBRS Morningstar applied the following principal methodology:
-- Global Methodology for Rating Companies in the Communications Industry (July 20, 2023;

The following methodologies have also been applied:
-- DBRS Morningstar Global Criteria: Guarantees and Other Forms of Support (March 28, 2023;
-- DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 20, 2022;

The credit 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 credit rating was initiated at the request of the rated entity.
The rated entity or its related entities did participate in the credit rating process for this credit rating action.
DBRS Morningstar had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.
This is a solicited credit rating.

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 credit ratings are under regular surveillance.

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

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