S&P rates Cricket Communications loans B-

Standard & Poor's said it assigned its B- corporate credit rating to Leap Wireless International Inc. The outlook is stable.

At the same time, S&P assigned its B- bank loan rating to subsidiary Cricket Communications Inc.'s $650 million in senior secured bank facilities (guaranteed by Leap). A recovery rating of 3 also was assigned to the loan.

S&P said the ratings are constrained by the very high degree of business risk facing Leap given the limited mobility of the company's product offering compared with that of its competitors.

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