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S&P ups MetroPCS outlook to positive
Standard & Poor's said it revised its outlook on MetroPCS Communications Inc. to positive from stable and affirmed its CCC rating on subsidiary MetroPCS Wireless Inc.'s $1.3 billion of 9.25% senior unsecured notes due 2014.
This debt includes $300 million to be issued as an add-on to the $1 billion note issue, the agency said, adding that all other ratings on MetroPCS and related subsidiaries, including the B- corporate credit rating, are affirmed.
Proceeds from the add-on will be used by MetroPCS to fund potential purchases under the FCC's upcoming 700 MHz auction, as well as for general corporate purposes, the agency said.
According to S&P, the rating reflects MetroPCS' inherently challenging business model, which targets a lower-income customer niche, a highly competitive environment and high leverage.
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