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Moody's drops GCI notes to B3
Moody's Investors Service said it downgraded the ratings of GCI, Inc., including the company's corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD and senior unsecured notes ratings to B3 from B2.
The speculative grade liquidity rating of SGL-2 was affirmed, indicating a good liquidity position, and the outlook is stable.
Moody' said the downgrades are based on its belief that the company will remain highly leveraged primarily because of the increase of debt associated with the formation of the Alaska Wireless Network, a joint venture with Alaska Communications Systems Holdings.
The agency expects the company will use most of its future modest levels of free cash flow for share repurchases rather than debt reduction.
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