S&P Raises T-Mobile Ratings, Warns on 3.45 GHz Spending

S&P Global Ratings raised T-Mobile’s issuer credit and senior unsecured debt scores to BB+ from BB but said ratings could be hurt if the carrier makes “material” investments in the upcoming 3.45 GHz auction. S&P cited T-Mobile updates last week as it reported Q2 (see 2107290071), including higher than expected synergies from buying Sprint. “Notwithstanding the challenges of a massive integration,” T-Mobile’s “operating and financial performance remains strong,” said Tuesday night's note to investors.