Century Communications&Centennial Cellular on S&PWatch.NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 7/7/98-- Standard & Poor's today placed its double-'B' corporate credit rating and double-'B'-minus senior unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. rating of Century Communications Corp. on CreditWatch with positive implications. In addition, Standard & Poor's placed its single-'B'-plus corporate credit, senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. , and bank loan ratings of Centennial Cellular Corp. on CreditWatch with negative implications. The rating actions follows the announcement of Century's intention to sell its cellular phone subsidiary, Centennial Cellular, for about $2 billion, which includes the assumption of about $515 million in existing debt. Centennial Cellular's rating is based on the sale of the company to the unrated investment firm Welsh, Carson Carson, city (1990 pop. 83,995), Los Angeles co., S Calif., an industrial and residential suburb of Los Angeles; inc. 1968. Oil refining is the major industry; fabricated metals, paper, and other products are manufactured. The California State Univ. Dominguez Hills is there. , Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic & Stowe Stowe (stō), resort town (1990 pop. 2,450), Lamoille co., N central Vt.; settled 1794, inc. 1896. It is surrounded by mountains, including Mt. Mansfield, Vermont's highest. , which is expected to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. additional debt to fund the purchase. Century's CreditWatch placement reflects Standard & Poor's expectation for an improved capital structure and lower debt levels as about $515 million in Centennial debt will no longer be consolidated with Century's financial statements. The consolidation reflected Century's governance Governance makes decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. control of Centennial with about 74% of the voting power of the common shares. Additionally, cash proceeds of about $380 million, representing Century's economic ownership interest of about 32% of Centennial, are expected to be added to Century's already substantial cash balances further increasing the company's flexibility. Standard & Poor's also expects Century's business profile to improve following the sale of the riskier cellular operation and a renewed focus on the core cable operation. Resolution of the CreditWatch listing will be principally determined by the amount of debt reduction. A preliminary indication is a one notch notch (noch) incisure; an indentation on the edge of a bone or other organ. aortic notch dicrotic n. cardiac notch 1. upgrade to double-'B'-plus for the corporate credit rating. Additionally, the senior unsecured rating is also likely to be raised to double-'B'-plus. The existing one notch differential between the corporate credit rating and the senior unsecured rating will be eliminated due to a reduction of debt at subsidiaries. The CreditWatch placement for Centennial reflects uncertainty regarding near term funding sources for the purchase of the company and the likelihood of a substantial amount of new debt. Therefore, the resolution of the CreditWatch listing for Centennial will be based on the resulting capital structure and management initiatives of the recapitalized company, Standard & Poor's said. -- CreditWire
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