YPG ratings upgrade S&P upgraded the companies long-term corporate credit rating to B from D based on the company’s debt burden reduction as well as its efforts to improve liquidity and refinancing risk. The agency also assigned a 'B+' issue-level rating to YPG Financing Inc.'s C$800 million senior secured notes, and 'CCC+' issue-level rating to the company's C$107.5 million senior subordinated
This is positive for liquidity so that when another agency (like DBRS) rates them as well funds with rating restrictions can then hold securities and also lowers capital requirements. It's the largest single issue in the CDN HY universe so expect coverage of the name by banks to increase.
https://www.alacrastore.com/research/s-and-p-credit-research-Research_Update_YPG_Financing_Inc_Upgraded_To_B_Parent_Yellow_Media_Ltd_Rated_B_Outlook_Stable-1101992