Morningstar DBRS Assigns Credit Rating of BBB (low) With a Recovery Rating of RR1 With a Stable Trend to Cogeco Communication Inc.'s Senior Secured Notes Issuance

DBRS Limited (Morningstar DBRS) assigned a credit rating of BBB (low) with a recovery rating of RR1 and a Stable trend to Cogeco Communications Inc.'s (Cogeco or the Company) $325 million 4.743% Senior Secured Notes due 2035.

Morningstar DBRS expects the net proceeds of the Senior Secured Notes issuance will be used by Cogeco to repay existing indebtedness and for other general corporate purposes.

The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to the most recent Morningstar DBRS press release - https://dbrs.morningstar.com/research/444375/morningstar-dbrs-confirms-cogeco-communications-inc-issuer-rating-at-bb-high-with-a-stable-trend dated December 9, 2024, for more information, including all relevant disclosures.

BUSINESS RISK ASSESSMENT (BRA) AND FINANCIAL RISK ASSESSMENT (FRA)

A) Weighting of BRA Factors

In the analysis of Cogeco Communications Inc., the relative weighting of the BRA factors was approximately equal.

B) Weighting of FRA Factors

In the analysis of Cogeco Communications Inc., the relative weighting of the FRA factors was approximately equal.

C) Weighting of the BRA and the FRA

In the analysis of Cogeco Communications Inc., the BRA and the FRA carry approximately equal weight.

The ratings listed above are based on Cogeco Communication Inc.'s Third Supplemental Trust Indenture dated February 6, 2025, and information provided by Cogeco Communications Inc. to Morningstar DBRS as of February 5, 2025, and information provided by the Company to Morningstar DBRS as of February 5, 2025.

Continuation of the rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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