On March 31, 2006, Standard&Poor's Ratings Services assigned its 'A-2' short term rating to Sprint Nextel Corp.'s potential $2 billion 4(2) commercial paper program. The program is backed by the company's $6 billion unsecured revolving credit facility maturing in 2010. The credit facility is undrawn, but availability currently is reduced to $3.5 billion by the $2.5 billion letter of credit required under the FCC's Report and Order related to the Nextel spectrum reconfiguration plan. Commercial paper proceeds will be used for general corporate purposes. The 'A-' corporate credit and unsecured debt ratings on Sprint Nextel and its subsidiaries are affirmed. The ratings on Sprint Nextel continue to reflect a strong business profile from: The Nextel wireless business' industry-leading
