Moody's upgrades Rogers in response to increase in share buyback program

TORONTO - Rogers Communications will increase its current normal course issuer bid for its Class B non-voting shares to repurchase additional shares. Between February 20, 2009 and February 19, 2010, the company may purchase up to 48 million Class B shares, which represents approximately 10% of the public float, for an aggregate purchase price of $1.5 billion. As at May 15, 2009 there were approximately 519.554 million Class B shares issued and outstanding. Rogers also announced that it has set a target leverage range for its capital structure of net debt to adjusted operating profit of 2.0 to 2.5 times. The announcement...