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Moody's ups Nextel Partners notes to Ba2, Ba3, revolver to Ba1
Moody's Investors Service said it upgraded the ratings of Nextel Partners, Inc. and its subsidiary Nextel Partners Operating Corp.
Moody's upped Nextel Partners' senior implied rating to Ba2 from B1, 8 1/8% senior notes due 2011 to Ba3 from B3, 12½% senior notes due 2009 to Ba3 from B3 and speculative grade liquidity rating to SGL-1 from SGL-2 and Nextel Partners Operating's $100 million senior secured revolving credit facility expiring 2009 to Ba1 from Ba3.
Moody's said the upgrade is based upon the continued strong financial and operating performance of the company, the expectation that this strong performance will continue, as well as the company's commitment to debt reduction which will accelerate achievement of 10% free cash flow to total debt. The outlook remains positive.
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