Fitch Raises Nextel's Credit Outlook

Fitch raised its outlook on Nextel's(NXTL Quote - Cramer on NXTL - Stock Picks) corporate debt, citing positive financial and operating trends that are expected to continue over the next few quarters.

The ratings agency raised its outlook to positive from stable. The outlook applies to Nextel's senior unsecured note rating of B+, the senior secured bank facility of BB and the preferred stock rating of B-.

Despite overall softness in the wireless subscriber market, the country's fifth-largest carrier managed to eke out the industry's highest average revenue per user amid sustained new customer acquisitions, the agency said.

Despite the upgrade, Nextel's shares were down 38 cents, or 3.1%, at $12.08 in afternoon trading.