Moody's boosts Telephone and Data

Moody's Investors Service said it upgraded the senior unsecured ratings of Telephone and Data Systems, Inc. and United States Cellular Corp., Telephone and Data's 82% owned subsidiary, to Baa2 from Baa3.

The outlook is stable.

This action concludes the review initiated on April 3, 2008, when Moody's said it placed the ratings for the two companies under review for possible upgrade.

The upgrade reflects the companies' improved credit profile, mainly driven by the strong operating and financial performance of the wireless operations since 2005 and the significant progress both companies have made toward remediation of their ineffective financial reporting controls, which had previously weighed on the companies' ratings.

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