S&P: Dobson Communications unaffected

Standard & Poor's said Dobson Communications Corp.'s (B-/negative/--) announcement that it has agreed to sell its 563 cellular towers to Global Tower Partners for $87.5 million has no impact on the rating or outlook on Dobson.

Although the transaction provides some additional liquidity, S&P said the rating is constrained by the company's weak business profile and high debt leverage.

In addition, S&P said the negative outlook indicates that a rating downgrade could occur within the next 12 months if a decline in higher-margin postpaid subscribers continues, along with potential further pressure on roaming revenue due to the Cingular Wireless LLC/AT&T Wireless Services Inc. merger.

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