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Moody’s gives U.S. Cellular notes Ba1
Moody's Investors Service said it assigned a Ba1 rating to United States Cellular Corp.’s proposed offering of senior unsecured notes.
The company's other ratings and negative outlook remain unchanged.
U.S. Cellular expects to use the proceeds for general corporate purposes, which may include acquisitions of additional spectrum.
Moody’s said the Ba1 senior unsecured debt rating benefits from the company's modest leverage, very good liquidity, a fairly conservative controlling shareholder and several valuable non-core investments that could be monetized in order to provide additional financial flexibility.
U.S. Cellular’s rating is constrained by its limited scale and the intense competitive challenges that it faces as a relatively small regional wireless operator.
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