Moody's rates Cricket add-on notes Caa1

Moody's Investors Service said it affirmed Cricket Communications Inc.'s B2 corporate family and probability-of-default ratings after the company said it would raise $285 million of senior unsecured add-on notes. Moody's assigned a Caa1 (LGD 5, 77%) rating to the add-on notes.

The agency also upgraded the company's senior secured rating to Ba2 (LGD2, 21%) from Ba3 and upgraded its speculative grade liquidity rating to SGL-1 from SGL-2, because of the company's improved cash reserves after the debt offering.

The outlook is stable.

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