Research Update: MetroPCS Communications Inc. Corporate Credit Rating Raised To 'B' As Credit Metrics Improve Jul 08

Standard & Poors, July 2008

Abstract
On July 18, 2008, Standard & Poor's Ratings Services raised its ratings on Richardson, Texas-based wireless provider MetroPCS Communications Inc., including the corporate credit rating, which we raised to 'B' from 'B-'. The outlook is stable. As of March 31, 2008, the company had $3 billion of total funded debt outstanding. The upgrade reflects the company's improving financial leverage, currently about 5.0x for the 12 months ended March 31, 2008, versus 6.4x a year earlier. Another factor is that we expect the business will continue to experience good growth in subscribers, which will contribute to overall improving operating cash flows despite start-up costs associated with recent and planned market launches. The company has also performed well in a weak economic...

Companies mentioned in this report are: MetroPCS Communications Inc.,MetroPCS Wireless Inc.
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

MetroPCS Communications Inc.,MetroPCS Wireless Inc.

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