NEW YORK, NY (Standard&Poor's) Nov. 4, 2011--Standard&Poor's Ratings Services said today that it assigned its 'BB-' issue-level rating and '2' recovery rating to Overland Park, Kan.-based wireless carrier Sprint Nextel Corp.'s $2.5 billion of senior guaranteed notes due 2018. These notes have subordinated guarantees from all the subsidiaries that guarantee the existing $2.25 revolving credit facility. The '2' recovery rating indicates expectations for substantial (70%-90%) recovery in the event of payment default. We also assigned a 'B+' issue-level rating and '4' recovery rating to the company's $1 billion of senior notes due 2021, to be issued under rule 144A with registration rights. The '4' recovery rating indicates our expectation for average (30% to 50%) recovery in
