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MOODY’S UPGRADES RATING ON CCI

NEW YORK-Moody’s Investors Services Inc. upgraded the rating on Cellular Communications Inc.’s convertible subordinated notes due 1999 to Baa2 from Baa3 when AirTouch Communications Inc., CCI’s parent company, guaranteed the notes.

AirTouch Communications merged with CCI earlier this year.

AirTouch Communications’ senior debt is rated Baa2. Moody’s said the rating reflects strong growth prospects for the global wireless industry, adequate financial performance of its major businesses and its disciplined operational and financial strategies.

The rating also reflects increasing competition in the industry, AirTouch Communications’ holding company structure and large funding requirements for ongoing strategic initiatives.

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