New York, December 17, 2014 -- Moody's Investors Service ("Moody's") downgraded several ratings of Sprint Corporation ("Sprint" or "the company") including the company's Corporate Family Rating ("CFR") to B1 from Ba3, the company's Probability of Default Rating ("PDR") to B1-PD from Ba3-PD, Sprint's senior unsecured rating to B2 from B1 and lowered the company's Speculative Grade Liquidity Rating to SGL-3 from SGL-1. Moody's also assigned a Ba1 rating to Sprint's existing $3.3 billion revolving credit facility. Today's rating action reflects our expectation that intense competitive challenges and Sprint's limited ability to respond effectively will lead to a sustained period of very weak earnings and cash flow. Consequently, leverage is likely to increase, which when coupled with negative pressure on cash flow from installment billing plans and its phone leasing option, is expected to lead to a steady deterioration in Sprint's liquidity position. Sprint's rating outlook is negative reflecting what we believe to be limited ability to reverse current trends in the foreseeable future.

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