S&P gives TDS preferreds B

S&P said it assigned its B issue-level rating to Telephone and Data Systems Inc.'s planned redeemable perpetual series VV preferred shares with the amount to be determined.

“We rate the shares three notches below our BB long-term issuer credit rating on the company to reflect their subordination relative to the other debt in the capital structure and the deferability of their dividend payments,” S&P said in a press release.

The company will use the proceeds for general corporate purposes, including to fund capital expenditures associated with its fiber-to-the-home program and to repay debt.

© 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.