S&P lifts Cricket debt to A- from CCC+

Standard & Poor's said it raised the senior unsecured debt rating on Leap Wireless International Inc.'s senior notes due 2020 to A- from CCC+ and removed it from CreditWatch.

Wholly owned subsidiary Cricket Communications Inc. issued this debt and the agency expects it to remain outstanding for about 30 days following the recently completed acquisition of Leap by AT&T Inc., who is expected to guarantee the debt until it is repaid.

Subsequently, S&P withdrew the B- corporate credit rating on Leap, the CCC debt rating and 6 recovery rating on Leap's $250 million of convertible notes due 2014 and the B+ senior secured debt rating and 1 recovery rating on the senior secured term loan and revolver as it expects this debt to be repaid.

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