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Article: Leap downgrade likely to have little effect. (Cyberbucks).(Leap Wireless International had debt downgraded)
- Article from:
- San Diego Business Journal
- Article date:
- December 2, 2002
- Author:
CopyrightCOPYRIGHT 2002 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Leap Wireless International had its debt downgraded last week by Moody's Investor Service, but it was already at junk bond status, and it's not like the company can borrow money anyway.
"To be honest, the downgrades will have no practical impact on the company. We will continue to operate as normal," said Jim Seines, a Leap spokesman. "This just impacts our company's ability to access the capital markets, and those are essentially closed right now, especially to telecom companies."
Leap, the San Diego-based spinoff from Qualcomm Inc. that operates a flat rate wireless service in 40 markets, is hanging on by its proverbial fingernails. It has more than $2 ...