S&P rates Eschelon notes CCC+

Standard & Poor's said it assigned its CCC+ rating to the $65 million of 8 3/8% senior second secured notes due 2010 issued by Eschelon Operating Co., a wholly owned subsidiary of Eschelon Telecom Inc.

At the same time, S&P affirmed its CCC+ corporate credit rating on Eschelon. The outlook is developing.

S&P said ratings reflect the highly competitive nature of the CLEC business, as well as Eschelon's aggressive leverage and limited liquidity.

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