Fitch assigns Cincinnati Bell notes B

Fitch Ratings said it assigned a B/RR5 rating to Cincinnati Bell Inc.'s offering of $625 million of 8¾% senior subordinated notes due 2018.

The company's issuer default rating is B+, and the outlook is stable, the agency said.

The proceeds will be used to redeem the company's outstanding 8 3/8% notes due in 2014 in the amount of $560 million plus accrued interest and call premium, as well for general corporate purposes, Fitch added.

The agency said that the B+ issuer default rating for Cincinnati Bell reflects expectations for relatively stable credit metrics and the diversified revenue base associated with the company's business model, which integrates the wireline and wireless businesses.

Fitch noted that it believes that Cincinnati Bell's leverage could be in the 4.1 times to 4.4x range in 2010.

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