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Fitch rates Cogeco BB+, notes, loans BBB-
Fitch Ratings said it assigned Cogeco Cable Inc. an issuer default rating of BB+, senior secured notes rating of BBB- and senior secured credit facility rating of BBB-.
The outlook is stable.
Fitch said the ratings incorporate Cogeco's improving credit protection measures and the strength in the company's Canadian operations that generate the bulk of revenue and cash flow.
The Canadian operations are well-supported by Cogeco's competitive position and clustered cable systems, the agency said. Leverage at the end of the first fiscal quarter was 2.6 times and is expected to fall to low 2 times by the end of the fiscal year.
These strengths are balanced against any concerns with Cabovisao, which have been challenged over the past two quarters as a result of competitive activity, the agency said.
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