S&P: Triton PCS on watch

Standard & Poor's said it placed its B+ corporate credit rating on Triton PCS Inc. on CreditWatch with negative implications.

In addition, the agency said it assigned its B+ rating to Triton's $500 million senior notes due 2013 and its BB- rating to the new $100 million senior secured revolving credit facility due 2008, which were also placed on watch.

The outlook is negative.

S&P added that the ratings on Triton PCS reflect its continued favorable strategic relationship with AT&T Wireless Services Inc., an expected continued improvement in cash flow measures, improving debt leverage metrics by the end of 2003 and maintenance of its high quality subscriber base.

These factors are somewhat offset by a still aggressive balance sheet, competitive pressures of the wireless industry, effect of lower roaming yield and high cost per gross addition in the $400 area, the agency said.

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