Moody's ups GCI notes to B2

Moody's Investors Service said it assigned a B2 rating (LGD4, 60%) to General Communication Inc.'s proposed $400 million issuance of senior unsecured notes.

The agency upgraded GCI, Inc.'s senior unsecured regular bond/debenture to B2 (LGD4, 60%) from B3 (LGD5, 84%).

The B1 corporate family rating was affirmed.

The outlook remains stable.

Proceeds will be used to repay outstanding debt under an existing senior secured credit facility.

GCI's B1 corporate family rating is supported by the company's position as Alaska's largest telecommunications provider and its market-leading positions in video and high-speed data, the agency said.

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