TEXT-Fitch rates Rogers Communications debt offering 'BBB'

May 31 - Fitch Ratings has assigned a 'BBB' rating to Rogers Communications
Inc. (Rogers) two-tranche senior unsecured notes offering consisting
of CAD600 million of 10-year notes and CAD500 million of five-year notes. The
Rating Outlook is Stable.

Rogers intends to use a portion of the net proceeds to repay outstanding
advances under the bank credit facility. Rogers will use the remaining net
proceeds for general corporate purposes, which could include, all or portion of
funding Rogers' investment in a 37.5% ownership interest in Maple Leaf Sports &
Entertainment (MLSE).

The ratings for Rogers reflect the solid profitability and good free cash flow
(FCF) generation from the significant operating leverage inherent in both the
wireless and cable operations that has led to stable credit measures.
Consequently, the company has significant flexibility in managing its financial
policies including leverage targets and return of capital to shareholders.

Fitch believes Rogers' mix of cable and wireless assets competitively positions
the company and allows for significant revenue diversification through its
robust bundled service offer. This mix of assets should allow Rogers to sustain
cash generation, adjusted for cash taxes, over the longer term.Rating Global Telecoms Companies - Sector Credit Factors