Moody's may up Centennial Communications

Moody's Investors Service said it placed the ratings of Centennial Communications Corp. and subsidiary Cellular Operating Co. on review for possible upgrade.

On review are Centennial's B3 senior implied rating and issuer rating, B2 senior secured bank credit facility, Caa1 rated 10 1/8% senior notes due 2013, 8 1/8% senior notes due 2014 and 10¾% senior subordinated notes due 2008.

Moody's said the review is based upon the continued good operating and financial performance of the company, as well as the reduction of debt with the proceeds from the sale of the cable television assets.

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