Moody’s assigns TDS preferred stock Ba3

Moody’s Investors Service said it assigned a Ba3 rating to Telephone and Data Systems, Inc.’s proposed cumulative redeemable perpetual preferred stock.

Moody’s also affirmed TDS’ Ba1 corporate family rating, Ba1-PD probability of default rating, Ba2 rating on TDS’ unsecured debt and Ba1 rating on the unsecured debt of United States Cellular Corp., TDS’ 82%-owned subsidiary. TDS’ speculative grade liquidity rating is maintained at SGL-1.

“The Ba3 (LGD6) rating of TDS’ proposed cumulative redeemable perpetual preferred stock reflects its junior position in the capital structure and is one notch below the Ba2 rating on TDS’ senior unsecured debt,” the agency said in a press release.

Proceeds will be used for general corporate purposes.

The company’s outlook remains stable.

© 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.