Sprint Nextel Corp. is the result of the Aug. 12, 2005, stock merger between Sprint Corp. and Nextel Communications Inc. The ratings on Sprint Nextel incorporate our expectations that: Within a year of the merger close, Sprint Nextel will spin off the local exchange business to shareholders as an independent company with $7.25 billion in total debt (including about $700 million in existing debt) to generate roughly $6.5 billion cash for Sprint Nextel; Sprint Nextel could be required to spend up to $7 billion cash, based on the current market value, to satisfy the put for the 69% of Nextel Partners Inc. not owned by the company within one year of closing of the Sprint Nextel merger; Sprint Nextel may
