On February 28, 2008, Standard&Poor's Ratings Services placed its 'BBB-' corporate credit rating and all other ratings on Sprint Nextel Corp. on CreditWatch with negative implications following the company's announcement that it expects to report EBITDA of $1.8 billion to $1.9 billion in the first quarter of 2008 because of post-paid subscriber losses, which are expected to be around 1.2 million and are unlikely to improve in the second quarter. The erosion in Sprint Nextel's subscriber base and the resultant decline in EBITDA are substantially higher than we anticipated and the company's business profile is probably no longer supportive of an investment-grade rating. Additionally, Sprint Nextel said it will draw $2.5 billion of the approximately $3 billion available
