NEW YORK-Standard & Poor’s Ratings Services affirmed its ‘B+’ corporate credit rating on Nextel Communications Inc. and revised its outlook from negative to stable. S&P said the action was based on Nextel’s “solid operating performance in a highly competitive industry and lower financial leverage, despite substantial debt still on the balance sheet.”
The affirmed rating comes a day after Motorola Inc. announced it sold 25 million shares in Nextel and reached an agreement to hedge an additional 25 million shares over the next five years.
