NEW YORK-Moody’s Investor Services placed its ratings for Nextel Communications Inc. and its subsidiary Nextel Finance Co. on review for possible upgrade citing continued operational and financial outperformance.
“Since Moody’s placed a positive outlook on the ratings in November, Nextel has continued to increase its market share while attracting the wireless industry’s most desirable subscribers,” Moody’s noted in a statement. “The advent of local number portability and competitive push-to-talk products have not thus far affected Nextel’s competitive advantage in the marketplace. In addition, the company has incrementally strengthened its balance sheet by refinancing with lower-cost debt and longer maturities.”
The ratings affected by the review include Nextel’s Ba3 senior implied rating, B2 issuer rating, Caa1 exchangeable preferred stock rating and Nextel Finance’s Bz2 senior secured credit facilities rating.
