Consolidated Communications' senior unsecured notes rating upgraded - Moody's |
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Published
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Thu, 18 Oct 2007 06:49
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has upgraded Consolidated Communications Holdings Inc's senior unsecured notes to 'B1' from 'B3', and affirmed its 'SGL-2' speculative grade liquidity rating.The rating agency affirmed the company's 'B1' corporate family rating on relatively high leverage and nearly flat revenue growth prospects, offset by stable cash flow generation, modestly improving EBITDA margins, and a favourable regulatory environment.Moody's said it has assigned a 'B1' rating to the proposed 950 mln usd senior secured credit facilities at the company's direct units, Consolidated Communications Acquisition Texas Inc, Consolidated Communications Inc, and Fort Pitt Acquisition Sub Inc.The proposed financing is in connection with the company's pending acquisition of North Pittsburgh Systems Inc for 375 mln usd.The outlook for all ratings remains stable to reflect Moody's expectation of the company's successfully integrating the operations of North Pittsburgh Systems.tfn.newsdesk@thomson.comnet/akuCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Covidien International Finance's senior unsecured notes rated 'Baa1' - Moody's 