-- We are assigning 'BB' issue-level and '3' recovery ratings to Sprint Nextel's proposed $1.3 billion senior unsecured notes due 2017. -- We also are affirming the 'BB' corporate credit rating on the company. -- Based on our expectations for continued earnings pressure, the new notes essentially exhaust the company's debt capacity for the rating and as a result, Sprint Nextel will be sensitive to weaker-than-anticipated operating performance. NEW YORK (Standard&Poor's) Aug. 11, 2009--Standard&Poor's Rating Services said today it assigned a 'BB' issue-level rating to Overland Park, Kan.-based wireless carrier Sprint Nextel Corp.'s proposed $1.3 billion senior unsecured notes due 2017, to be drawn from its shelf registration. The recovery rating is '3', indicating expectations for
