Rogers Communications Inc, Toronto has not done its credit any good with its plan to bid for MacLean Hunter Ltd: Standard & Poor’s Corp said it may downgrade the company’s double-B-minus senior debt rating, Rogers Cablesystems Ltd’s double-B-plus senior secured debt rating, and Rogers Cantel Mobile Inc’s double-B senior secured debt and double-B-minus subordinated debt. About $1,400m of debt is affected. The agency cited Rogers’ proposed $2,050m bid for MacLean Hunter, the Toronto integrated publishing and communications company. Details of the financing are pending, and another uncertainty is the position that Canadian regulators may adopt given the existing size and market share of both parties. It has set up a meeting with Rogers to discuss both the strategic and financial aspects of the proposed transaction.
