Diversified revenue mix Potential to bundle wireless, long-distance, and local services Relatively stable cash flows from the high-margin local telephone business operating in smaller, less competitive markets Good operating momentum in wireless data services Healthy free cash flow and liquidity Position as a distant third player, based on revenue, in the fiercely competitive and declining long-distance segment Access line and revenue erosion in local exchange operations Position as fourth-largest national wireless operator could influence aggressive operating strategy to mitigate slowing growth High (2.7%) wireless churn may be due to lower wireless customer satisfaction than some peers Uncertainty surrounding longer-term strategic direction in light of management changes and stock recombination The ratings on Sprint Corp. reflect cash flow diversity from the
