On Nov. 15, 2006, Standard&Poor's Ratings Services assigned its preliminary 'BBB+' senior unsecured debt rating, 'BBB' subordinated debt rating, and 'BBB-' preferred stock rating to the universal shelf filing by Reston, Va.-based wireless carrier Sprint Nextel Corp. At the same time, we affirmed the 'BBB+' corporate credit rating on the company. The outlook remains negative. The ultimate amount of the shelf filing has yet to be determined but our preliminary ratings assume that new debt issued will not materially affect the expected credit profile of the company. Current ratings reflect Sprint Nextel's satisfactory business profile based on its position as the third-largest wireless carrier in the U.S.; and Nextel's high average revenue per user (ARPU) and low subscriber
