Wirefree Partners III Series 2005-1 Rating Cut After Sprint Nextel Downgrade; Outlook Stable May 08

Standard & Poors, May 2008

Abstract
NEW YORK (Standard & Poor's) May 2, 2008--Standard & Poor's Ratings Services today lowered its rating on the personal communication services (PCS) spectrum lease-backed notes issued by Wirefree Partners III LLC's (Wirefree's) series 2005-1 to 'BB' from 'BBB-'and removed it from CreditWatch, where it was placed with negative implications on March 3, 2008. The outlook is stable. The lowered rating and outlook assignment follow the May 1, 2008, lowering of the rating on Sprint Nextel Corp. (BB/Stable/NR). The actions were based on Standard & Poor's assessment that Sprint Nextel's business risk profile no longer supports an investment-grade rating given the company's deteriorating operating performance and lack of visibility in the wireless business, along with its increased financial leverage, due largely...

Companies mentioned in this report are: Sprint Nextel Corp.
Action: Downgraded
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Sprint Nextel Corp.

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