On Aug. 3, 2006, Standard&Poor's Ratings Services lowered its corporate credit and senior unsecured debt ratings on Reston, Va.-based wireless carrier Sprint Nextel Corp. to 'BBB+' from 'A-'. We also revised the outlook to negative from stable. The 'A-2' commercial paper rating was affirmed. The downgrade reflects a more aggressive financial policy, while the outlook change is the result of concerns about recent operating performance. Total debt outstanding as of June 30, 2006, on an operating lease-adjusted basis was about $35 billion. Sprint Nextel today announced that its board of directors authorized a $6 billion share repurchase, which might be partially debt-financed. The rating downgrade reflects our assessment that Sprint Nextel's financial policy is not supportive of a
