Standard&Poor's said today that Sprint Corp.'s (BBB+/Negative/A-2) announcement that it has obtained new sources of financing and reduced its cash needs for 2002 has no impact on the company's credit rating or outlook. These new sources of financing include the extension of its existing accounts receivable program to include PCS receivables, which will provide resources in excess of $500 million, and a $1 billion credit facility secured by the assets of Sprint's directory publishing business. The size of this facility corresponds to the revised 2002 net cash requirements for Sprint of $1.0 billion, down from a previous guidance of $1.7 billion. This decrease reflects a $400 million reduction in capital spending in the Global Markets Division and the
