U.S. wireless carrier Sprint announced plans to accelerate its network upgrade project, including plans to build out its own fourth-generation (4G) network by the end of 2013. The company also plans to begin selling the iPhone later this month. These and other factors could lead to near-term deterioration of profitability and key credit measures in the next few years, including higher leverage and negative free operating cash flow in 2012 and 2013. We are placing our 'BB-' corporate credit rating on the company on CreditWatch with negative implications. On Oct. 10, 2011, Standard&Poor's Ratings Services placed its 'BB-' corporate credit rating on Overland Park, Kan.-based wireless carrier Sprint Nextel Corp., as well as all related issue-level ratings, on
