Telecommunications Update: Rising Interest Rates May Reduce Industry's Long-Term Financial Flexibility
After an extended period of record lows, interest rates are quickly climbing. As a result, although rising interest rates may not immediately affect the telecommunications industry’s predominantly fixed-rate debt stack, they will likely influence the industry’s long-term financial flexibility.
BCE is a telecommunications and media company providing wireless, wireline, Internet and television (TV) services to residential, business and wholesale customers in Canada. As of Dec 31 2017, Co. operated three segments: Bell Wireless, which provides wireless voice and data communications products and services; Bell Wireline, which provides data, Satellite TV service and connectivity, and includes Co.'s wholesale business, which buys and sells local telephone, long distance, data and other services from or to resellers and other carriers; and Bell Media, which provides conventional, specialty and pay TV, digital media and radio broadcasting services and out of home advertising services.
Cogeco Communications is a communications corporation. Co. provides its residential and business customers with video, Internet and telephony services through its two-way broadband fibre networks. Co. has three operating segments: the Canadian and American cable services segments, which provide a range of video, Internet and telephony services primarily to residential customers; and the Enterprise data services segment provides colocation, network connectivity, managed hosting, cloud services and a portfolio of managed information technology services in Canada, the U.S. and Europe to small, medium and large enterprises around the globe.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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