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S&P: U.S. Cellular notes BBB-
Standard & Poor's said it assigned a BBB- issue-level rating to U.S. Cellular Corp.'s proposed issuance of senior notes.
The company plans to use the proceeds to redeem some or all of the 7.5% senior notes due 2034 and for general corporate purposes.
U.S. Cellular is a subsidiary of Telephone and Data Systems Inc. (BBB-/stable), the agency added. Telephone and Data's leverage is expected to increase modestly to 2x as a result of the proposed transaction.
The ratings on Telephone and Data and U.S. Cellular remain unchanged and reflect the company's conservative financial policies, modest financial leverage and strong liquidity, the agency added.
These strengths are somewhat tempered by the wireless business' competitive disadvantages, which have resulted in minimal growth for the past few years, S&P said.
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