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Moody's rates Alaska Communications loan B1
Moody's Investors Service said it assigned a B1 rating to the proposed new senior secured credit facility for Alaska Communications Systems Holdings Inc.
Moody's also affirmed all existing ratings for the company's debt instruments, as well as the senior B1 implied rating for the company, but lowered the senior unsecured issuer rating to B3 from B2. The outlook remains negative.
More specifically, Moody's assigned a B1 rating to the company's $50 million senior secured revolving credit facility due 2011 and $335 million senior secured term loan due 2012. Moody's affirmed the company's $182 million 9.875% senior notes due 2011 at B2 and $150 million 9.375% senior subordinated notes due 2009 at B3.
Moody's said the B1 senior implied rating reflects the highly levered capital structure of Alaska Communications, even after the proposed refinancing as the benefits of the debt reduction from the equity offering are largely offset by the October 2004 implementation of a substantial dividend payout program.
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