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Moody's boosts Global Crossing
Moody's Investors Service said it upgraded Global Crossing Ltd.'s corporate family and probability-of-default ratings to B3 from Caa1.
The outlook is stable. This ends the review that began on Sept. 8.
Moody's said that with completion of Global Crossing's notes offering and repayment of its term loan, and with the repayment of 99.5% of GC Impsat's $225 million 9 7/8% global senior notes due Feb. 15, 2017, the company now has substantially unfettered access to GC Impsat's cash flow and, accordingly, the company and GC Impsat can be viewed as a single economic entity.
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