Company's position as the third-largest wireless carrier in the U.S.; Strong portfolio of spectrum licenses; and Industry-leading data penetration. Elevated churn relative to its peers; Weak subscriber trends; and An aggressive financial profile. The ratings on Overland Park, Kan.-based Sprint Nextel Corp. reflect a weak business profile because of its elevated churn relative to its peers, anemic subscriber trends, and significant competition from other wireless carriers, which is particularly important as the industry continues to show signs of maturation. It also reflects an aggressive financial profile, including rising leverage and declining discretionary cash flow generation. 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
