Subject: [NEXTEL-1] TEXT-S&P comments on Nextel

From: [email-masked]
Date: Tue, 10 Jun 2003 04:00:43 -0400

S&P did a opps here the title should read:
TEXT-S&P comments on Nextel Partners Inc
-------------------------------------
TEXT-S&P comments on Nextel
Mon June 9, 2003 01:24 PM ET
(The following statement was released by the ratings agency)

NEW YORK, June 9 - Kirkland, Wash.-based wireless service provider Nextel
Partners Inc. NXTP.O has announced that the initial purchasers of $150 million of
its 11/2% convertible senior notes due 2008 have elected to exercise their
over-allotment option to purchase an additional $25 million principal amount of
the
notes. Standard & Poor's Ratings Services said that this will have no impact on
the
company's rating and outlook. Nextel Partners expects this transaction to close on

June 11, 2003. Although the extra $25 million in gross cash proceeds should give
Nextel Partners moderately more liquidity and greater flexibility to retire higher
cost
debt, it does not address Standard & Poor's concerns about weak free cash flow
prospects at least through 2004, significant financial leverage, and potentially
higher churn due to such factors as wireless number portability and the
prospective introduction of DirectConnect-like services by better capitalized
competitors. Contact: Michael M Tsao, CFA, New York (1) 212-438-7832

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