Strong market position as one of the two largest wireless providers in the U.S.; Healthy wireless EBITDA margins; Good spectrum position; Improved diversity and scale in the video business and potential revenue and cost synergies from the acquisition of DIRECTV (DTV); Some growth potential from its expansion into the Mexico wireless market, though we expect investments will be dilutive to EBITDA over the next couple of years; Secular decline in core residential phone business; Slowing growth in U-Verse broadband; Slowing wireless growth and increased price-based competition in the U.S.; and Significant exposure to a mature pay TV market in the U.S. that is being threatened by alternative video sources. Leverage in the low-3x area, which supports our financial risk assessment;
