S&P lifts Rural Cellular

Standard & Poor's said it raised the rating on Rural Cellular Corp.'s senior secured, unsecured and subordinated notes to A from CCC and withdrew the company's B- corporate credit rating, the C rating on its preferred stock and the B+ and 1 recovery ratings on its revolving credit facility.

Ratings were removed from Credit Watch, following the completion of the company's acquisition by Verizon Wireless, a joint venture of Verizon Communications Inc. (A/negative/A-1) and Vodafone Group plc (A-/stable/A-2).

The preferred stock was called for redemption and the revolving credit facility was repaid.

Before the deal close, Rural Cellular called for redemption of its secured, unsecured and subordinated debt issues.

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