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Fitch cuts Sprint debentures, maintains watch
Fitch Ratings said it maintained Sprint Corp. and Sprint Communications Inc.'s B+ long-term issuer default ratings and outstanding debt, including debt issued at Sprint Capital Corp., on rating watch positive.
The rating on the 9¼% debentures due 2022 was revised to B+/RR4 from BB+/RR1. The rating watch positive is maintained on the debentures.
In February, Sprint entered into an amended agreement under the credit agreement. As part of the consent agreement, the subsidiary Sprint Communications was released as guarantor. This caused a release of the collateral securing the debentures.
Thus, the debentures are unsecured, Fitch said.
The agency said the transaction between Sprint and T-Mobile US, Inc., as proposed, is likely to lead to a three-notch upgrade to the issuer default ratings and outstanding debt of Sprint and its subsidiaries based on existing assumptions.
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