Moody's ups GCI loans to Ba2

Moody's Investors Service said it affirmed the B2 rating for GCI Inc's 7¼% senior notes due 2014 and affirmed the senior implied and issuer ratings. Moody's also upgraded the rating for the senior secured credit facilities of GCI Holdings, Inc. a subsidiary of GCI Inc., to Ba2 from Ba3. The outlook is changed to negative from stable.

Moody's said the affirmation of the senior implied and senior unsecured ratings for GCI Inc. reflect the good financial and operating performance of the company since the last rating action in February, tempered by the higher absolute amount of debt in the company's capital structure and management's willingness to incur debt to make payments to equity holders.

The upgrade for the senior secured bank debt ratings reflects the smaller amount that these obligations represent in the consolidated capital structure, the structural seniority of this debt and the good collateral coverage available to these lenders, according to Moody's.

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