NEW YORK (Standard&Poor's) March 6, 2013--Standard&Poor's Ratings Services today assigned its 'BB-' issue-level rating and '2' recovery rating to Overland Park, Kan.-based wireless carrier Sprint Nextel Corp.'s $2.8 billion senior unsecured revolving credit facility due 2018. The '2' recovery rating indicates our expectation for meaningful (70%-90%) recovery in the event of a payment default. This new debt will replace the company's $2.25 billion revolver. At the same time, we placed our ratings on the new revolver on CreditWatch with positive implications. All other ratings on Sprint Nextel, including the 'B+' corporate credit rating, remain on CreditWatch, where they were placed with positive implications Oct. 11, 2012. Sprint Nextel has agreed to sell a 70% stake to
