MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has
raised its corporate credit ratings and other ratings on Chicago-based Telephone
& Data Systems Inc (TDS) and its majority-owned wireless subsidiary, US Cellular
Corp, to 'BBB-' from 'BB+' with a positive outlook.
The ratings agency said the action follows disclosure in the company's 2007
10K that it has addressed material weaknesses previously cited in its financial
filings related to staffing, and to accounting for plant, property and
equipment.
However, the company continues to have a material weakness finding related
to its income-tax reporting, S&P said.
It said assuming continuation of its favourable operating trends and
conservative balance sheet, when TDS is able to remedy this, the rating will be
upgraded to 'BBB'.
"This current rating action reflects the satisfactory business
characteristics of the company's regional retail wireless business and modest
financial leverage, coupled with the progress it has made in remedying the
material weaknesses findings," S&P said.
TFN.newsdesk@thomson.com
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