0.10%QQQQ 44.63 
0.18%XLF 19.94 0.35%
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CHICAGO (AP) - Credit ratings agency Fitch Ratings on Thursday affirmed the issuer default and senior unsecured notes ratings for telecommunications company Sprint Nextel Corp.
| S | 8.51 |  -0.23 |
Fitch currently rates both Sprint Nextel's issued default and senior unsecured ratings at "BB+," which is considered junk status.
Fitch said it considered past deterioration in credit metrics, consumer sentiment and Sprint Nextel's competition when deciding to affirm the rating. Sprint Nextel's first-quarter operating performance met lowered expectations as well, Fitch said in a statement.
The company was taking off a negative watch but remains on a negative outlook. A watch is a view of potential short-term ratings changes, while an outlook is a long-term view of the company.
The negative outlook is based on uncertainty surrounding whether Sprint Nextel's turnaround plans will stabilize operations, Fitch said in the statement.
Shares of Sprint Nextel fell 7 cents to $8.89 in late-day trading.
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23rd, 2008
8:10am
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