NEW YORK (Standard&Poor's CreditWire) April 21, 1999--Standard&Poor's today lowered its ratings on Sprint Corp. and subsidiaries. (See list below.) Standard&Poor's also affirmed its 'A-2' commercial paper rating on Sprint Corp. and Sprint Capital Corp. The commercial paper for Sprint Capital Corp. is guaranteed by Sprint Corp. The outlook on all the entities is negative. The ratings on Sprint Corp.'s telephone operating subsidiaries are constrained by Sprint Corp.'s rating. However, these subsidiaries' ratings are notched higher than Sprint Corp.'s reflecting state regulatory oversight, which provides a degree of bondholder protection. In addition to being the third largest long distance phone company in the U.S., Sprint Corp. provides local telephone service to about 8 million access
