Fitch Ratings Downgrades Sprint (NYSE:S)

Sprint Nextel Corp. (NYSE:S) was downgraded by Fitch Ratings, as their credit risk has risen because of their plans to modernize their network.

Ratings lowered on Sprint by the agency included its issuer default rating; senior unsecured notes, which were dropped from "BB" to "BB-"; and its senior unsecured credit facility.

The ratings outlook for Sprint is negative, as they phase out Nextel over the next couple of years.

Sprint closed Tuesday at $4.38, up $0.01, or 0.23 percent.