S&P lowers Triton PCS

Standard & Poor's said it lowered its ratings on Triton PCS Inc., including the corporate credit rating to CCC+ from B-, the bank loan rating to B- from B and the senior unsecured and subordinated debt ratings to CCC- from CCC.

The outlook is negative.

S&P said the rating action is due to Triton's announcement that it has revised its 2005 EBITDA guidance by about 50%, to the $65 million to $75 million area. This significant revision is due to anticipated weak subscriber growth, higher costs related to properties obtained in the exchange with Cingular Wireless LLC and AT&T Wireless Services Inc., and a longer time frame for transitioning subscribers and integrating networks related to these new properties.

S&P added that ratings on Triton reflect the company's heightened business risk profile as a result of its transition to an independent company from an AT&T Wireless affiliate dependent on roaming revenue, as well as weak financial parameters.

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