Overview Key strengths Key risks Favorable growth prospects due in part to increasing demand for fiber-based broadband services. Secular industry pressures and intense competition from cable broadband and fixed wireless access (FWA) offerings. Good progress on fiber expansion plans exceeding initial build targets. Elevated S&P Global Ratings-adjusted leverage in the high 4x-area, which could increase over the next couple of years. Solid near-term liquidity, including about $3 billion of balance sheet cash. Negative free operating cash flow (FOCF) because of high capital spending to support fiber builds. No significant debt maturities until 2027. Execution risk associated with its aggressive, large-scale fiber network expansion. External funding needs in a rising rate environment. Exposure to small- and medium-sized businesses (SMBs), which could curtail