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Moody's boosts Amazônia, Telemig notes
Moody's Investors Service said it upgraded the foreign currency rating of the $120 million of senior unsecured notes units due 2009 issued by Amazônia Celular SA and Telemig Celular SA to Ba3 from B2.
The outlook is now positive, the agency said, noting that this action concludes the review initiated on Aug. 7, 2007, begun at the time the acquisition of the issuers was announced.
According to Moody's, the Ba3 rating assigned to the notes units is based on the credit quality of Amazônia because 1/3 of the debt service of the notes units depends on payments from Amazônia and are not guaranteed by Telemig, which has a stronger credit profile.
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