Moody's ups Centennial Cellular

Moody's Investors Service said it upgraded the ratings of Centennial Cellular Operating Co. The outlook is stable.

Moody's upped Centennial's senior implied rating to B2 from B3, issuer rating to B3 from Caa1, senior secured credit facilities to B1 from B2, 10 1/8% senior notes due 2013 and 8 1/8% senior notes due 2014 to B3 from Caa1 and 10¾% senior subordinated notes to Caa1 from Caa3.

The upgrade is based upon the growing profitability of Centennial, its attainment of sustainable free cash flow, as well as its recent initiative to use excess cash to reduce debt and Moody's expectation that Centennial will continue to repay its obligations ahead of their maturity.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.