Moody's lifts Western Wireless from junk

Moody's Investors Service said it upgraded Western Wireless Corp.'s debt rating to A2 from B2 and affirmed the long- and short-term ratings of Alltel Corp.

As part of this rating action, Moody's upgraded Western Wireless' corporate family rating to A2 from B2, senior bank credit facility rating to A2 from B2 and senior unsecured rating to A2 from Caa1.

The outlooks for Alltel and Western Wireless are stable.

Moody's said it upgraded Western Wireless' debt ratings based on its belief that Alltel's acquisition of Western Wireless will likely receive shareholder approval on July 29 and close shortly thereafter. Moody's believes Alltel will assume the senior unsecured obligations of Western Wireless as part of the acquisition and repay Western Wireless' outstanding domestic bank debt, which becomes payable at closing, with cash on hand.

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