On June 21, 2007, Standard&Poor's Ratings Services assigned its 'BBB' rating to Reston, Va.-based Sprint Nextel Corp.'s $750 million senior unsecured floating-rate notes due 2010. At the same time, we affirmed all other ratings, including the corporate credit rating. The outlook is negative. Total debt is approximately $22 billion. Sprint Nextel, a wireless carrier, will use the proceeds for general corporate purposes, including the repayment of outstanding affiliate debt. The issue does not meaningfully affect Sprint Nextel's credit profile. The ratings on Sprint Nextel reflect a satisfactory business profile from its position as the third-largest wireless carrier in the U.S., the Sprint wireless unit's high average revenue per unit (ARPU), and an industry-leading data penetration rate. They also
