Moody's rates Clearwire notes B2, Caa2

Moody's Investors Service said it assigned a provisional B2 rating to Clearwire Communications LLC's proposed $175 million senior secured first-lien notes due 2015 and a provisional Caa2 rating to its proposed $500 million senior secured second-lien notes due 2017.

The proceeds, in conjunction with a planned $500 million exchangeable note offering, for general corporate uses and network expansion.

The ratings remain under review with direction uncertain, Moody's said.

Assuming the note offerings close as planned, Moody's said it would assign definitive ratings to the new notes and upgrade Clearwire's existing senior secured first-lien notes to B2 from Caa1 as a result of the additional loss protection provided by the issuance of more junior securities.

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