NEW YORK (Standard&Poor's) Nov. 8, 2012--Standard&Poor's Ratings Services today assigned its 'B+' issue-level rating and '3' recovery rating to Overland Park, Kan.-based wireless carrier Sprint Nextel Corp.'s proposed senior notes due 2022 (undetermined amount). We have placed the proposed notes on CreditWatch with positive implications. The '3' recovery rating indicates expectations for meaningful (50% to 70%) recovery in the event of payment default. We expect the company to use net proceeds to repay upcoming maturities, primarily at the Nextel Communications Inc. subsidiary. The ratings on Sprint Nextel, including the 'B+' corporate credit rating, remain on CreditWatch where they were placed with positive implications on Oct. 15, 2012. Sprint Nextel has agreed to sell a 70% stake
