On May 1, 2008, Standard&Poor's Rating Services lowered its corporate credit and senior unsecured ratings on Overland Park, Kan.-based wireless carrier Sprint Nextel Corp. to 'BB' from 'BBB-' and removed the ratings from CreditWatch with negative implications. The outlook is stable. We also assigned a '3' recovery rating to Sprint Nextel's senior unsecured debt and US Unwired Inc.'s second priority senior debt, which indicates expectations for meaningful (50% to 70%) recovery in the event of payment default (For the complete recovery report see, "Sprint Nextel Corp.'s Recovery Rating Profile," which will be published following this report). In addition, we withdrew Sprint Nextel's commercial paper rating. Total debt outstanding as of Dec. 31, 2007 was about $22 billion. All
