S&P affirms Rural Cellular floaters

Standard & Poor's said it affirmed its CCC rating on Rural Cellular Corp.'s proposed $425 million senior subordinated floating-rates notes due 2013.

"This affirmation follows the company's upsizing of the proposed notes offering by $310 million," said S&P credit analyst Susan Madison.

All existing ratings, including the B- corporate credit rating, are affirmed, the agency said.

The outlook is stable.

Proceeds from the new notes will be used to refinance the company's $115.5 million of 11.375% exchange debentures and $300 million of 9.75% senior subordinated notes due 2010, the agency added.

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