NEW YORK-Standard & Poor’s Corp. has lowered to CCC from B-minus the speculative-grade ratings on approximately $860 million in outstanding debt issued by Sprint PCS affiliate Alamosa Holdings Inc., based in Lubbock, Texas.
“Alamosa’s limited liquidity may not adequately fund operations and leave sufficient cushion against execution risks in 2003,” said Michael Tsao, a wireless analyst for the debt rating firm.
Specifically, he cited Alamosa’s projected $45 million in capital expenditures, the 30 percent of its customer base classified as sub-prime, high interest expenses and competition from other carriers.
