Strong market position as one of the two largest wireless providers in the U.S.; Healthy wireless EBITDA margins; Good business and geographic diversity; Strong portfolio of assets; Secular industry declines in most its business segments, including video and phone service; Slowing growth in U-Verse broadband; Significant price-based competition in the U.S. wireless market; and Significant exposure to the mature U.S. pay TV market, which is being threatened by alternative video sources. Current leverage in the low-3x area, which supports our financial risk assessment; Our expectation that funds from operations (FFO)-to-debt will be in the mid-20% area, which is somewhat low for the financial risk assessment; An aggressive financial policy with a large common dividend that consumes a high percentage of
