The ratings on Sprint Corp. reflect cash flow diversity from the company's position as a major provider of wireless, long-distance, and local telecommunications services. The company, which is organized into two tracking stocks intended to reflect the performance of particular business units, is analyzed on a consolidated basis. The wireless operations fuel most of the company's growth and are bolstered by a relatively well-protected, but mature, incumbent local exchange business in smaller markets. Tempering factors include high business risk in the wireless segment from intense competition and slowing growth, and still-heavy wireless capital needs; long-term revenue erosion in the very competitive long-distance segment; and modest access line losses and minimal growth opportunities in the local operations. Sprint has about 15
