Published:
Fitch Upgrades CYCL's Ratings to 'A' Following Acquisition
CHICAGO - (BUSINESS WIRE) - Fitch Ratings has upgraded the following ratings of Centennial
Communications Corp. (CYCL) and its subsidiaries subsequent to AT&T's
Inc. (AT&T) announcement that it had completed the acquisition of CYCL
on Nov. 6, 2009. Certain ratings will also be withdrawn.
CYCL
--Issuer Default Rating (IDR) upgraded to 'A' from 'B';
--Senior unsecured notes upgraded to 'A' from 'CCC+/RR6'.
Centennial Cellular Operating Co.
--IDR upgraded to 'A' from 'B';
--Senior secured credit facility upgraded to 'A' from 'BB/RR1' and the
rating withdrawn;
--Senior unsecured notes upgraded to 'A' from 'BB/RR1'.
The Rating Outlook is Stable.
The upgrade reflects Fitch's view that the acquisition by AT&T, which
has an IDR of 'A', will significantly improve CYCL's financial and
business profile. As of Sept. 3, 2009, approximately $500 million was
outstanding under CYCL's term loan. CYCL had no borrowings under its
$150 million revolving credit facility. AT&T has called for redemption
all of CYCL's outstanding long-term debt with principal amount of
approximately $1.4 billion and has terminated CYCL's existing credit
facility. Consequently, when the unsecured notes are fully redeemed, the
issue and IDR ratings will be withdrawn. Since AT&T has terminated
CYCL's credit facility at the close of the transaction, the credit
facility ratings will be withdrawn.
Additional information is available at www.fitchratings.com.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.FITCHRATINGS.COM.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF
THIS SITE.
Fitch Ratings, Chicago
Bill Densmore, +1-312-368-3125
John
Culver, CFA, +1-312-368-3216
or
Brian Bertsch, +1-212-908-0549
(Media
Relations, New York)
brian.bertsch@fitchratings.com
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