S&P: Centennial on positive watch

Standard & Poor's said it placed selected ratings on Centennial Communications Corp. on Creditwatch with positive implications.

This includes the B corporate credit rating and issue ratings on all unsecured debt, but excludes the BB- rating on subsidiary Centennial Cellular Operating Co. LLC's credit facility, the agency noted.

This action follows the announcement that AT&T Inc. (A/stable/A-1) has signed an agreement to acquire Centennial for $944 million in cash, plus assumed debt, S&P noted.

The Creditwatch excludes Centennial's secured bank facility since it contains mandatory change of control provisions, which will be triggered at closing and therefore require repayment at that time, the agency added.

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