Moody's upgrades Rural Cellular

Moody's Investors Service said it upgraded Rural Cellular Corp.'s senior note ratings to A3 and subordinated note ratings to Baa1. The upgrades reflect the closing of Verizon Wireless' acquisition of Rural.

According to Moody's, the upgrades were based upon the issuance of unconditional and irrevocable guarantees of the notes by Verizon Communications (A3 senior unsecured rating).

Moody's said it also upgraded Rural's corporate family and probability-of-default ratings to B1 from B3.

These actions conclude the review for upgrade of Rural's debt that began on July 30, 2007.

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