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Fitch lowers Telephone and Data Systems
Fitch Ratings said it has downgraded the issuer default ratings and long-term debt ratings of Telephone and Data Systems, Inc. and its subsidiary United States Cellular Corp. to BBB- from BBB.
The outlook is revised to stable from negative.
The downgrade reflects Fitch's longer term concerns with the performance of the subsidiary's wireless operations. These concerns are partially offset by Telephone and Data Systems' financial flexibility arising from its healthy liquidity position.
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