S&P: MetroPCS unaffected

Standard & Poor's said the rating and outlook of MetroPCS Inc. (CCC/negative/--) are not affected by the company's recently announced cash tender for its $150 million of 10¾% senior notes due 2011.

Although the tender includes provision for eliminating restrictive covenants and default provisions in the note indenture, S&P said this tender is not viewed as a distressed exchange, as the company is offering to repurchase the notes at a price in excess of par, subject to some potential price adjustment.

Yet, S&P said failure to complete the tender, including receipt of committed financing, could result in a downgrade in the ratings, given the company's ongoing failure to file its financial statements with the Securities and Exchange Commission.

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