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Fitch rates Telephone and Data preferred stock BB-
Fitch Ratings said it assigned a BB-/RR6 rating to Telephone and Data Systems, Inc.'s proposed preferred stock issuance.
The preferred stock has no maturity date but may be redeemed in whole, at any time before March 31, 2026, upon the occurrence of a defined ratings event; and in whole or in part after March 31, 2026, in each case, in cash. The preferred notes will rank junior to Telephone and Data’s senior debt.
Concurrently, Fitch affirmed the company’s and its subsidiary United States Cellular Corp.'s long-term issuer default ratings at BB+. Fitch also affirmed the BB+/RR4 senior unsecured debt ratings for both companies.
The outlook remains stable.
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