S&P may boost ratings on Rogers Communications

S&P bumped its outlook for Rogers' ratings to "positive" from "stable." The positive tag implies a rating may be raised over the next six to 12 months.

S&P affirmed its "BBB-" long-term corporate debt rating on the Canada-based company.

The ratings agency said the company's business risk profile in now strong because of continued outperformance by its wireless business and improving profitability of its cable unit.

"The ratings on Rogers reflect the strong business position and cash generation prospects of its national wireless operations; the solid business risk profile of its sizable cable operations in Ontario and Atlantic Canada; and the added business diversity provided by a smaller, but profitable, media segment," S&P said in a statement.

Ratings assess a company's ability to repay debt and are used by lenders to set the terms of borrowing. Higher ratings lead to cheaper credit.

Rogers shares fell $1.02, or 2.6 percent, to $38.59 in afternoon trading. The stock has ranged from $32.17 to $54.28 in the past year.