Company's position as the third-largest wireless carrier in the U.S.; Strong spectrum position; and Industry-leading data penetration. Declining revenue and profitability from the erosion of Sprint Nextel's subscriber base; Elevated churn due to a large percentage of subprime customers; and Rising leverage. The ratings on Overland Park, Kan.-based wireless carrier Sprint Nextel Corp. reflect declining revenue and margins due to the continued erosion of its subscriber base, lower average revenue per user (ARPU), and high churn relative to its peers, as well as our expectations for increased leverage over the next few years. Mitigating factors include Sprint Nextel's position as the third-largest wireless carrier in the U.S., a strong portfolio of spectrum licenses, and industry-leading data penetration. Sprint Nextel's weaker
