Nationwide footprint. Good spectrum position, pro forma for the acquisition of Clearwire Corp. Industry-leading data penetration. Benefits from SoftBank Corp. (BB+/Stable/--) in terms of handset procurement and technology development as well as its expertise in the wireless industry. Elevated churn relative to its peers. Execution risks related to its network upgrade. Significant competition from better-capitalized wireless carriers, including AT&T and Verizon. Weak profitability that is likely to remain below the industry average over the next few years. We expect that leverage will be elevated at over 6x for the next few years. Significant capital spending requirements to support its network upgrade. Ongoing free operating cash flow (FOCF) deficits over the next several years. Funds from operations (FFO) to debt will
