Fitch rates Dobson Communications

Fitch Ratings said it assigned ratings for Dobson Communications Corp., including an issuer default rating at B-, $160 million senior floating rate notes at CCC+/RR5, $150 million senior convertible debentures at CCC+/RR5, $420 million senior notes at CCC+/RR5 and $136 million convertible preferred stock at CCC-/RR6.

The agency also said it gave Dobson Cellular Systems Inc. an issuer default rating at B-, $75 million senior secured credit facility at BB-/RR1, $500 million first-priority secured notes at BB-/RR1 and $325 million second priority secured notes at BB-/RR1 as well as American Cellular Corp. an issuer default rating at B-, $900 million senior unsecured notes B+/RR2 and $14.5 million senior subordinated notes CCC+/RR5.

The outlook is stable.

Fitch said the issuer default rating ratings at Dobson reflect its current leverage, past subscriber trends, smaller-scale as a regional operator and the competitive operating environment.

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