S&P lifts US Unwired from junk

Standard & Poor's said it raised its ratings on US Unwired Inc., including the corporate credit and first-priority senior secured notes ratings to BBB- from CCC+, while the company's second-priority senior secured notes were raised to BBB- from CCC-.

The upgrade follows the completion of Sprint Nextel Corp.'s (A-/stable) acquisition of US Unwired's equity for about $1 billion cash, plus the $365 million in US Unwired debt.

All ratings on US Unwired are removed from CreditWatch, where they were placed with positive implications on July 11, following the announcement that the company agreed to be acquired by Sprint Corp., S&P said.

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