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Moody's affirms MetroPCS
Moody's Investors Service said it affirmed MetroPCS Wireless, Inc.'s corporate family and probability-of-default ratings at B1, senior secured bank credit facility at Ba1 (LGD2, 18%) and senior unsecured notes at B2 (LGD5, 73%), and its speculative-grade liquidity rating is unchanged at SGL-1.
The outlook is stable.
The affirmation follows the company's proposed amend-and-extend transaction related to a portion of its debt. The agency said the rating action reflects expectations of a stable credit profile over the next 12 to 18 months driven by a combination of stable cash flow generation, improving churn and net subscriber growth and a slowdown in capital spending.
Moody's said the company's proposed action to extend the maturity of a portion of its term B loans, currently due in November of 2013, somewhat reduces refinancing risk associated with the current debt maturity profile.
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