Moody's: Leap loan Ba2

Moody's Investors Service said it assigned a Ba2 rating to Leap Wireless International Inc.'s proposed $400 million term loan B offering.

Moody's also changed Leap's outlook to stable from negative reflecting its belief that very recent strategic and operational changes will be successful in improving margins and eventually turning the business free cash flow positive.

The debt will be issued by Leap's wholly owned subsidiary, Cricket Communications, Inc., and will be used to pay down Cricket's $300 million unsecured notes due 2015, with the remaining cash to be used for general corporate purposes.

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