Business
STANDARD & POOR'S raises Transcontinental Inc. rating from BBB- to BBB
STANDARD & POOR'S raises Transcontinental Inc. rating from BBB- to BBB
About this update from Transcontinental Inc. Class A
[{"type":"text","content":"\n\n\n\n Dec. 21, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nMONTREAL, Dec. 21 /CNW Telbec/ - Transcontinental Inc. yesterday\n obtained an upgrade of its credit rating from Standard & Poor's\n ("S&P").  S&P has raised the Corporation's credit rating from BBB-\n (stable) to BBB (stable). The agency also raised Transcontinental's\n Canadian Preferred Share Rating from P-3 to P-3 (high), and its\n Preferred Share Global Rating to BB+. S&P noted that the upgrade\n reflects the continued improvement in Transcontinental's financial risk\n profile stemming from lower debt levels, increased profitability, and\n significant financial flexibility due to management's focus on\n streamlining the business and cutting costs.\n\n\n"This upgrade reflects our strong operating performance and our ability\n to quickly take action to strengthen our balance sheet" said Benoît\n Huard, Transcontinental's Vice President and Chief Financial Officer.  \n "Transcontinental had accelerated its capex program from 2008 to 2010,\n resulting in an increased debt level.  These projects are now completed\n and we expect to generate strong free cash flows, with a significant\n reduction in indebtedness as a result.  We are confident that 2011 will\n keep bringing the benefits of our investments in each of our 3\n sectors." \n\n\nAbout Transcontinental\nTranscontinental creates marketing products and services that allow\n businesses to attrac...