S&P assigns Persona B, loans B+, CCC+

Standard & Poor's said it assigned its B long-term corporate rating to Persona Communications Corp. following the company's announcement to acquire Delta Communications Ltd., Guiness Communications Inc. and Coast Cable Communications Ltd.

At the same time, S&P said it assigned a B+ debt rating to the company's C$318 million equivalent first-lien senior secured credit facilities, consisting of a C$60 million five-year revolving credit facility and a $235 million seven-year term loan B, with a recovery rating of 1 and a CCC+ debt rating to the company's $130 million second-lien senior secured credit facility, with a recovery rating of 5.

The outlook is negative.

S&P said that the ratings on Persona reflect high debt leverage, weak financial metrics and weaker profitability trends, partially mitigated by a modestly improving business risk profile given an improving asset quality.

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