TORONTO (S&P Global Ratings) Oct. 2, 2019--S&P Global Ratings said today that it views ADT Inc.'s divestment of its Canadian operations to Telus Corp. for C$700 million, and the announcement of a one-time special dividend to shareholders (up to US$550 million) as ratings neutral. Given the size of the Canadian segment ($229 million in revenues as of fiscal 2018, or about 5% of ADT's business), we do not anticipate a meaningful impact to ADT's operating metrics, leverage, or cash flow projections. However, the loss of credit support from the Canadian operations increases the risk that we could lower our first-lien recovery and issue-level ratings if the company pays additional dividends from asset sales or incremental first-lien borrowings. We think that
