S&P affirms Sprint Nextel

Standard & Poor's said it affirmed its A- corporate credit rating on Sprint Nextel Corp. and subsidiaries.

At the same time ratings for UbiquiTel Inc. and all subsidiaries, were placed CreditWatch with positive implications after Sprint Nextel agreed to purchase UbiquiTel for $1 billion of cash plus the assumption of $424 million of debt.

The ratings on Sprint Nextel are affirmed, as the potential acquisition of some or all of the Sprint affiliates already had been factored into the A- corporate credit rating, the agency said.

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