S&P boosts Alltel

Standard & Poor's said it raised its rating on Alltel Communications Inc.'s $1 billion of unsecured paid-in-kind notes and parent Alltel Corp.'s aggregate $2.3 billion of unsecured notes, consisting of five issues, to A from B- and had withdrawn the recovery rating of 6.

At the same time, the agency said it removed these ratings from Creditwatch, where they had been listed with positive implications since June 5, with the announced agreement by Cellco Partnership (D/B/A Verizon Wireless) to acquire Alltel.

According to the agency, these actions follow Verizon Communications Inc.'s recent 8-K filing indicating its expectation that the closing of the merger among Alltel Corp., Cellco Partnership, and other legal entities AirTouch Cellular, Abraham Merger Corp., and Atlantis Holdings LLC will occur on Jan. 9.

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