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S&P raises IWO ratings
Standard & Poor's said it raised its ratings on IWO Holdings Inc. after the completion of Sprint Nextel Corp.'s acquisition of IWO for about $427 million, including the assumption of about $237 million of debt.
The corporate credit and senior secured debt ratings were raised to BBB- from CCC+ and the senior unsecured debt rating was raised to BB+ from CCC-.
The outlook is stable.
S&P said it removed all IWO ratings from CreditWatch, where they were placed with positive implications on Aug. 30 following Sprint Nextel's agreement to acquire the company.
IWO provides Sprint PCS services in five states. S&P said the strategic value of IWO's network to Sprint Nextel is important to ratings stability, and if Sprint Nextel integrates IWO's operations into its overall wireless business, a positive outlook and rating upside is likely.
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