Moody's upgrades iPCS notes

Moody's Investors Service said it upgraded iPCS, Inc.'s $300 million first-lien senior secured floating-rate notes due 2013 to Ba2 (LGD3, 46%) from B1 and its $175 million second-lien senior secured floating-rate notes due 2014 to Ba3 (LGD5, 75%) from Caa1.

This completes the review for possible upgrade begun in October, and the outlook is negative.

The agency said the upgrade follows Sprint Nextel Corp.'s decision to guarantee the notes, and the negative outlook is consistent with the negative outlook for Sprint Nextel's ratings. Sprint Nextel closed its acquisition of iPCS in December.

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