NEW YORK-Standard & Poor’s Ratings Services assigned its ‘B-‘ rating to Rural Cellular Corp.’s aggregate $510 million senior secured floating notes due 2010 and senior secured noted due 2012. S&P also place a ‘2’ rating on the note issues, which it said indicated an “expectation for a substantial recovery of principal in the event of a default.”
In addition, S&P placed a ‘B+’ bank loan rating and a ‘1’ recovery rating on Rural Cellular’s $60 million secured credit facility, noting it expected a full recovery of principal in the event of a default.
