Moody's: Consolidated loan B1

Moody's Investors Service said it assigned Consolidated Communications, Inc.'s extended senior secured credit facility a B1 (LGD3, 32%) rating. Consolidated recently completed an amendment that extends the maturity on $409 million of the company's $880 million term loan B to 2017 from 2014 and $40 million of the $50 million revolver to 2016 from 2013.

Consolidated's corporate family rating and probability of default rating remain unchanged at B1 and B2, respectively, as well as the company's SGL-2 rating and stable outlook.

The ratings reflect expectations for leverage to remain around 5 times debt-to-EBITDA due primarily to the combination of continued access line loses and limited free cash flow after dividends to pay down debt, the agency said.

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