Poor’s) to rate our public debt issues. In May 2013, each of Fitch and
Standard & Poor’s upgraded RCI’s senior unsecured debt to BBB+ (from
BBB) with a stable outlook. Moody’s comparably equivalent rating of
Baa1 with a stable outlook has not changed from last year.
The table below shows the credit ratings on our borrowings received
from the rating agencies as of December 31, 2013:
2013
Corporate credit issuer
default rating Senior unsecured debt
Standard and Poor’s BBB+ with a stable outlook BBB+ with a stable outlook
Fitch BBB+ with a stable outlook BBB+ with a stable outlook
Moody’s Baa1, stable outlook Baa1, stable outlook
Ratings for debt instruments across the universe of composite rates
range from AAA (Standard & Poor’s and Fitch) or Aaa (Moody’s)
representing the highest quality of securities rated, to D (Standard &
Poor’s), C (Moody’s) and Substantial Risk (Fitch) for the lowest quality of
securities rated.
Credit ratings are not recommendations for investors to purchase, hold
or sell the rated securities, nor are they a comment on market price or
investor suitability. There is no assurance that a rating will remain in
effect for a given period of time, or that a rating will not be revised or
withdrawn entirely by a rating agency if it believes circumstances
warrant it. The ratings on our senior debt provided by Standard &
Poor’s, Fitch and Moody’s are investment grade ratings.
RATIO OF ADJUSTED OPERATING PROFIT TO INTEREST
2013
2012
2011
6.8x
6.8x
7.1x
2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 61