Moody's rates Sprint notes B3

Moody's Investors Service said it assigned a B3 rating to Sprint Nextel Corp.'s proposed offering of senior unsecured notes due 2022.

All of Sprint's ratings, including the newly assigned notes rating and the company's B1 corporate family and probability of default ratings, remain on review for possible upgrade

Moody's said it would continue its review of Sprint's ratings for possible upgrade focusing on SoftBank's plans with regard to the existing Sprint debt and the post-close capital structure of the newly formed entity.

The agency said it views Sprint's liquidity as very good and anticipates that internally generated cash and cash on hand will be sufficient to fund the company's operations for the next 12 months.

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