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). Solid progress on fiber expansion plans exceeding initial build targets. Elevated S&P Global Ratings-adjusted leverage in the low- to mid-6x-area. Solid near-term liquidity, including about $2.7 billion of balance sheet cash. Free operating cash flow (FOCF) deficit 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. Exposure to small and midsize businesses, which could curtail operating performance in an economic downturn. Supply chain constraints and inflationary pressures. In August 2023, a wholly
