Fitch assigns Digicel notes B

Fitch Ratings said it assigned a rating of B to Digicel Ltd.'s senior unsecured debt, including the proposed $250 million senior notes due 2012.

Proceeds from the offering are expected to be used to refinance existing indebtedness including shareholder loans, to fund the rollout of a new license in Trinidad and Tobago and to acquire the Caribbean and Bermuda assets of Cingular, the agency said.

The outlook is stable.

Digicel's rating reflects its position as the leading provider of wireless services in the Caribbean, its strong brand recognition and growing portfolio of wireless assets in the Caribbean and its manageable but high financial leverage, Fitch noted.

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