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S&P drops Sprint Nextel
Standard & Poor's said it lowered its corporate credit rating on Sprint Nextel Corp. to BB- from BB, along with its senior unsecured debt rating to BB- from BB.
The outlook is negative.
The agency said it plans to cut all other ratings on Sprint Nextel and related entities, Sprint Capital and Nextel Communications by one notch.
The ratings were removed them from CreditWatch, where they were placed with negative implications in November due to weak operating performance, which has resulted in deteriorating credit measures, S&P said.
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