DBRS confirms Quebecor Media

DBRS said it confirmed Quebecor Media Inc.'s issuer rating at BB (low), its secured bank debt rating at BB (high), with a recovery rating of RR1, and its senior notes rating at BB (low), with a recovery rating of RR4.

The trend is stable.

The corporate issuer rating is based on leverage and the supporting cash flow from the company's major operating subsidiaries - Videotron Ltee (issuer rating of BB (high) and Sun Media, the agency said.

Videotron's strong operating performance has driven earnings growth for the group for the past several years, which has reduced its own financial risk and, indirectly, the financial risk of its parent QMI, the agency noted.

Videotron continues to benefit from subscriber growth in digital, high-speed internet and telephony, with a rising number of subscribers taking multiple services, the agency said.

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