Leading market position and solid margins in Germany, a mature but stable service area. Diverse footprint of fixed and mobile operations across Europe, mostly with leading market positions. Strong operating trends and improved market position of T-Mobile U.S. Intense competition in a number of markets and segments, mitigated by continued significant cost cutting. TMUS' moderate scale, which will likely result in competitive hurdles in the U.S. market in the long term. High S&P Global Ratings-adjusted financial leverage for the current rating level. Clearly defined and predictable financial policy. Free operating cash flow constrained by spectrum spending in the U.S. in 2017, high restructuring costs, and substantial capital expenditures for network investments. Shareholder payouts linked to free cash flow before spectrum
