Moody's rates AirGate notes

NEW YORK-Moody’s Investor Services assigned a Caa1 rating to AirGate PCS Inc.’s recently issued 9.375 percent senior subordinated secured notes due 2009 and a B2 rating for the carrier’s $141 million secured credit facility. Moody’s also placed a stable rating outlook for AirGate noting that while the carrier still faces operational challenges, it has “comfortably reduced” its near-term financial risks through its recent restructuring efforts and has “adequate liquidity to meet its obligations over the medium-term.”