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Bond Market News
T-Mobile Upgraded to BBB+ by S&P
May 12, 2026
T-Mobile was upgraded by a notch to BBB+ from BBB by S&P. The upgrade reflects the company’s continued market share gains, revenue growth, and disciplined leverage management. T-Mobile’s service revenue grew 7.7% in 2025, far outpacing AT&T (3.0%) and Verizon (2.0%). The company added 3.3mn postpaid phone subscribers last year versus 1.6mn for AT&T and just 362k for Verizon. The acquisition of US Cellular lifted T-Mobile’s postpaid phone market share to 31%, narrowing the gap with Verizon’s 34%. Financially, T-Mobile has significant flexibility, with an estimated ~$50bn of capacity for acquisitions, investments, and shareholder returns across 2026–27 while staying within its leverage target. For 2026, S&P projects ~$13bn in repurchases, $4.6bn in dividends, and $8–10bn in acquisitions, though the latter remains uncertain. Free operating cash flow is expected to be $18–18.5bn in 2026. Compared to peers, T-Mobile pays out a notably lower share of cash flow in dividends giving it more room to moderate buybacks if larger deals arise.
It’s 5.15% 2034s were stable at 100.7, yielding 5.04%
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