DBRS assigns Sun Media BB

DBRS said it has assigned Sun Media Corp. an issuer rating of BB.

DBRS said it has also assigned recovery and instrument ratings of RR1 and BBB (low) to Sun Media's secured bank debt, and a recovery rating of RR5 to its senior unsecured notes.

The instrument rating of the company's senior unsecured notes has been downgraded from BB to BB (low), pursuant to DBRS' leveraged finance rating methodology, the agency noted.

The trend is stable.

According to the agency, the BB issuer rating is the same as Sun Media's previously implied issuer rating of BB (identical to the former senior unsecured notes rating).

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