Rogers Communications Inc’s plans to acquire MacLean Hunter Ltd went down no better with Moody’s Investors Service Inc than it did with Standard & Poor’s Corp. Moody’s says it may downgrade Rogers’ senior notes and convertible liquid yield option notes and debentures, which are currently rated Ba3. It may also cut unit Rogers Cablesystems Ltd’s Ba1 guaranteed senior notes and second priority notes and Rogers Cantel Mobile’s Ba3 guaranteed senior secured notes and B2 guaranteed senior subordinated notes. About $2,200m of long-term debt is affected. Moody’s commented that although no formal proposal has been made, Rogers Communications’s offer to acquire Maclean Hunter Ltd is expected to include a significant cash component.
