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Fitch boosts T-Mobile
Fitch Ratings said it upgraded T-Mobile US Inc.'s and its subsidiaries long-term issuer default ratings to BBB- from BB+. Also, the agency raised T-Mobile's senior unsecured notes to BBB- from BB+/RR3, and senior secured notes and revolving credit have been affirmed at BBB- with the RR1 rating removed.
Sprint Corp.'s senior unsecured notes have been affirmed at BB+ and the RR4 rating removed. The agency said it removed the ratings from under criteria observation, where they were placed following the publication of the updated recovery ratings criteria on April 9.
“The upgrade reflects T-Mobile's improved credit profile due to good execution on strategic initiatives, which has increased operating synergies and accelerated progress on integrating Sprint's network. This integration has paced ahead of expectations, which Fitch believes has materially reduced integration risk and improved the outlook on T-Mobile's operating trajectory,” Fitch said in a press release.
The outlook is stable.
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