Strong market position as the third-largest wireless carrier in the U.S. Nextel's high average revenue per user (ARPU) and low subscriber churn from its entrenched enterprise customer base. Sprint wireless' high ARPU and industry-leading data penetration. Strong spectrum position. Healthy EBITDA margins. Solid liquidity and good discretionary cash flow generation. Wholesale wireless operations help broaden market reach. Competitive wireless industry conditions. Merger integration and network technology implementation challenges. High churn due to a large percentage of subprime customers. The ratings on Reston, Va.-based Sprint Nextel Corp. reflect a satisfactory business profile from its position as the third-largest wireless carrier in the U.S.; Nextel's high ARPU and low subscriber churn from its entrenched enterprise customer base, which relies on the differentiated
