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S&P upgrades Glentel, withdraws ratings
Standard & Poor's said it raised the long-term corporate credit rating on Glentel Inc. to BBB- from B+.
The agency said it removed the ratings from CreditWatch, where they were placed with positive implications in December 2014.
The outlook is stable.
The agency said it subsequently withdrew the rating on Glentel at the company's request.
Glentel was acquired by BCE Inc. in May. BCE subsequently divested 50% of the company to Rogers Communications Inc., S&P said.
The agency also said it raised the stand-alone credit profile on Glentel to BB- from B+, reflecting the revised liquidity score to adequate based on the company’s improved financial flexibility given the ownership change.
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