CHICAGO-Duff & Phelps Credit Rating Co. lowered the senior debt rating of Sprint Corp. from A to BBB+.
Sprint’s commercial paper rating also has been lowered from D-1 to D-2. Likewise, Sprint Capital Corp.’s senior debt rating has been lowered from A to BBB+, and commercial paper rating from D-1 to D-2.
The debt of Sprint Capital is guaranteed by Sprint. DCR placed the debt ratings of Sprint and Sprint Capital on rating watch in May, after Sprint said it would gain full ownership of Sprint PCS and PhillieCo.
The rating action reflects the likelihood this transaction will be completed in the near term, said DCR. It also removes Sprint and Sprint Capital from the rating watch.
