Sprint Nextel outlook darkens following S&P downgrade

Sprint Nextel, the U.S. carrier, saw its outlook turn bleak following a downgrade by a Standard & Poor's analyst who forecasted the carrier's credit measures will perform poorly over the next year.

The report, by credit analyst Allyn Arden, said rising competition and weak subscriber growth would contribute to Sprint's woes, and it comes as the company is reeling from the side-effects of the credit crisis. Though the carrier has taken steps to shield itself from customers affected by the subprime crisis by tightening credit checks, it looks to be another a victim of the spreading effects, as its iDEN network, acquired when the carrier bought Nextel, continues to lose high-revenue subscribers.

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