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Moody's: Clearwire on review
Moody's Investors Service said it placed the ratings for Clearwire Communications LLC under review with direction uncertain. The ratings include its corporate family rating of Caa1 and probability of default rating of Caa2, along with its senior secured notes of Caa1 (LGD 3, 32%) and Clearwater Communications LLC's speculative grade liquidity rating of SGL-2.
The review is primarily based on views about the potential financial and operating implications associated with the on-going disagreements that the company is currently having with its largest shareholder, Sprint Nextel Corp., Moody's said.
The issues include Clearwire's retail strategy, wholesale pricing, network expansion plans and future funding needs, the agency said.
The ultimate outcome of these disputes with Sprint remains in doubt and could have a material impact on Clearwire's financial performance, Moody's said.
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