S&P rates Glentel notes BB-

Standard & Poor’s said it assigned a BB- long-term corporate credit rating and stable outlook to Glentel Inc.

The agency also said it assigned a BB- rating and 4 recovery rating to Glentel’s proposed C$200 million senior unsecured notes due in 2019.

The 4 recovery rating indicates 30% to 50% expected default recovery.

The proceeds from the notes will be used to refinance existing bank debt, fund working capital and for general corporate purposes, S&P said.

The ratings are based on the company’s weak business risk and significant financial risk profile assessments for the company, the combination of which drives an anchor rating of BB-, S&P said.

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