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S&P boosts iPCS
Standard & Poor's said it raised the corporate credit rating on iPCS Inc. to BB from B and its $300 million first-lien senior secured notes to BB from B and the $175 million second-lien toggle notes to B+ from CCC+ with 4 and 6 respective recovery ratings.
The CreditWatch listing was revised to negative from positive.
The actions follow the completion of Sprint Nextel Corp.'s (BB/Watch negative) acquisition of iPCS on Dec. 4 for $831 million, according to the agency.
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