We are placing the 'CCC+' corporate credit rating on U.S. TelePacific, on CreditWatch Positive. We are also assigning a 'CCC+' issue-level rating and a '5' recovery rating to the company's proposed $25 million senior secured revolver and $360 million term loan due 2015. On Jan. 26, 2010, Standard&Poor's Ratings Services placed its 'CCC+' corporate credit rating on Los Angeles-based competitive local exchange carrier (CLEC) U.S. TelePacific Holdings Corp. (TelePacific) on CreditWatch with positive implications. We also assigned a 'CCC+' issue-level rating and a '5' recovery rating to the company's proposed $25 million senior secured revolver and $360 million term loan due 2015. Net proceeds of $360 million will be used to repay its existing $322 million credit facility,
