Good scale as the third-largest U.S. wireless carrier with a national footprint; Higher average revenue per user should contribute to modest revenue growth; Industry-leading data penetration. Highly leveraged financial risk profile characterized by our expectation for rising leverage and ongoing free operating cash flow deficits; Weak profitability measures, which are likely to deteriorate in the near term; Significant competition from other wireless carriers; Elevated churn relative to its peers; Execution risks related to its network upgrade; and Uncertainty related to its long-term relationship with majority-owned Clearwire Corp. The ratings on Overland Park, Kan.-based wireless carrier Sprint Nextel Corp. reflect a "fair" business risk profile and a "highly leveraged" financial risk profile. Key business risk factors include its weak profitability, which
