Moody's: Midcontinent Communication unchanged

Moody's Investors Service said Midcontinent Communication's recently announced refinancing of its $675 million senior secured credit facilities does not affect the company's ratings, including the company's B1 corporate family rating, B2 probability of default rating and B1 senior secured bank debt ratings.

The outlook remains stable.

The company is expected to realize modest reductions in cash interest expense and related improvements in free cash flow generation and overall liquidity, Moody's said, by bringing the pricing on its July 2010 refinancing in line with current market rates.

The agency noted that the maturities for all tranches remain unchanged.

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