Telephone and Data Systems, Inc. -- Moody's downgrades TDS and US Cellular's long-term debt ratings to Baa3

New York, April 08, 2014 -- Moody's Investors Service ("Moody's") has downgraded the senior unsecured and issuer ratings of Telephone and Data Systems, Inc. ("TDS" or "the company") and United States Cellular Corp. ("USM" or "US Cellular"), TDS' 84% owned subsidiary, based on Moody's view that USM's operational rebound will take longer than we had expected due to heightened competitive activity and execution mistakes by USM. Consequently, we expect credit protection measurements at both TDS and USM will remain relatively stable over the next two years. The outlook for TDS and US Cellular is negative.

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