Financial ratings wrap-up: Leap, Motorola, Analog Devices and more

The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.
Carrier
–Standard & Poor’s Ratings Services lowered its ratings on Alltel Corp. to BB from A- and kept the company on CreditWatch with negative implications following news the carrier is being bought by investment companies.
–Standard & Poor’s Ratings Services suspended its BB- long-term corporate credit rating on Ukrainian mobile operator CJSC Kyivstar GSM due to lack of information from the company on its financial and operational results.
–R.W. Baird started coverage on Leap Wireless International Inc. with an outperform rating and $103 price target.
–R.W. Baird initiated coverage on MetroPCS Communications Inc. with an outperform rating and $45 price target.
Handset and infrastructure vendors
–Lehman Brothers lowered its estimates on Motorola Inc. due to soft second-quarter results. New estimates are 16 cents rather than 26 cents for 2007 and 65 cents rather than 69 cents for 2008.
Other
–RBC Capital Markets lowered its price target on InfoSpace Inc. to $25 from $31 to reflect a special dividend to be paid to shareholders.
–First Albany Capital raised its estimates on InterDigital Communications Corp. after the company revised its second-quarter guidance. The firm now expects InterDigital to report EPS of 58 cents on revenue of $229.1 million for 2007, rather than 56 cents on $227.4 million.
–R.W. Baird slightly raised its estimates on Analog Devices Inc. after the company reported second-quarter results. New estimates are EPS of $1.58 rather than $1.56 for 2007 and $1.80, up from $1.75, for 2008. Credit Suisse First Boston downgraded the company to neutral from outperform, lowered its price target to $37 from $38.
–Standard & Poor’s Ratings Services assigned a BB+ rating to American Tower Corp.‘s $1.25 billion senior unsecured revolving credit facility. It also raised its rating on the company’s $1.2 billion of outstanding unsecured notes to BB+ from BB-. “The ratings on American Tower reflect the promising prospects of its wireless tower leasing business, which is expected to generate stronger levels of net free cash flow after capital expenditures,” said Standard & Poor’s credit analyst Catherine Cosentino.