On Oct. 9, 2007, Standard&Poor's Ratings Services placed its long-term ratings on Reston, Va.-based wireless carrier Sprint Nextel Corp., including the 'BBB' corporate credit rating, on CreditWatch with negative implications. The short-term rating of 'A-3' is affirmed. About $22 billion in debt is outstanding. This action follows the company's announcement on Oct. 8 that it lost about 337,000 postpaid subscribers in the third quarter. Sprint Nextel also indicated that it expects total revenue and EBITDA for the third quarter to be slightly below its range of guidance of $41 billion to $42 billion, and $11 billion to $11.5 billion, respectively. In addition, the company said Gary Foresee, chairman, president, and chief executive, had stepped down, and that the
