On Jan. 9, 2007, Standard&Poor's Rating Services placed its ratings for Reston, Va.-based wireless carrier Sprint Nextel Corp., including the 'BBB+' corporate credit rating, on CreditWatch with negative implications, affecting about $22 billion in outstanding debt. This action follows the company's announcement regarding its outlook for 2007, which includes a significant decline in cash flow and flat revenue growth. In particular, Sprint Nextel said that it expected EBITDA to be between $11 billion and $11.5 billion in 2007, representing a decline of 9%-15%, respectively, from projected 2006 EBITDA, and substantially less than our expectations. The company's projected decline in 2007 EBITDA results from several factors, including net subscriber losses, pressure on voice average revenue per user (ARPU), investments
