Ratings service Standard & Poor’s on Tuesday upgraded Alltel Communications Inc.’s ratings, three days before parent company Alltel Corp. becomes part of Verizon Communications Inc. (VZ).
S&P raised the ratings from ‘B-‘ to ‘A’ and also removed Alltel’s ratings from CreditWatch, where they’d been listed with positive implications since June 5, 2008, when Verizon announced its intent to buy Alltel.
Alltel Communications has a $14 billion term loan and $1.5 billion in revolving credit that S&P expects will be refinanced once the Verizon deal closes.
