Overview Key strengths Key risks Large size and scale, including its position as the third-largest wireless operator and broadband service provider in the U.S. Mid-band spectrum disadvantage relative to peers, which is critical for 5G network deployments. Stable wireless operations that are relatively insulated from recessionary pressure.Healthy wireless EBITDA margins.Strong portfolio of assets, including its dense fiber network and spectrum license holdings.Sale of noncore assets should enable management to refocus on its core business operations while improving credit metrics. Our expectation for higher levels of capital expenditures over the next couple of years to support its fiber-to-the-home (FTTH) and mid-band spectrum deploymentsSecular industry challenges and significant competition in business and consumer wireline operations.Aggressive financial policy, including a large annual common
