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S&PCORRECT: Sprint Nextel Corp. Proposed Senior Guaranteed Notes Assigned 'BB-' Rating (Recovery Rating: 2) Nov 11
Standard & Poors, November 2011
NEW YORK, NY (Standard & Poor's) Nov. 4, 2011--Standard & Poor's Ratings Services said today that it assigned its 'BB-' issue-level rating and '2' recovery rating to Overland Park, Kan.-based wireless carrier Sprint Nextel Corp.'s $2.5 billion of senior guaranteed notes due 2018. These notes have subordinated guarantees from all the subsidiaries that guarantee the existing $2.25 revolving credit facility. The '2' recovery rating indicates expectations for substantial (70%-90%) recovery in the event of payment default. We also assigned a 'B+' issue-level rating and '4' recovery rating to the company's $1 billion of senior notes due 2021, to be issued under rule 144A with registration rights. The '4' recovery rating indicates our expectation for average (30% to 50%) recovery in...
Companies mentioned in this report are: Sprint Nextel Corp.,Sprint Capital Corp.,Nextel Communications Inc.,Nextel Finance Co.,iPCS Inc.
Action: New Rating
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Sprint Nextel Corp.,Sprint Capital Corp.,Nextel Communications Inc.,Nextel Finance Co.,iPCS Inc.