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Fitch gives U.S. Cellular loan BB+
Fitch Ratings said it has assigned a BB+ rating to United States Cellular Corp.'s up to $225 million senior unsecured seven-year term loan.
Proceeds will be used for general corporate purposes, including capital expenditures and potential spectrum purchases.
The agency noted that the company's issuer default rating is BB+ with a stable outlook. The ratings consider the consolidated ratings at its parent Telephone and Data Systems, Inc., which also has an issuer default rating of BB+ and a stable outlook.
Fitch said that the BB+ issuer default rating reflects the challenges U.S. Cellular's wireless operations face in the highly competitive wireless environment, which has led to weak EBITDA margins and lower EBITDA.
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