Fitch Downgrades Wirefree Partners III, LLC PCS Spectrum Lease-Backed Notes Series 2005-1.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch has downgraded Wirefree Partners III, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. Spectrum Lease-Backed Notes Series 2005-1 to 'BBB' from 'BBB+'. The current principal amount is $128,481,295, representing a single class. The notes are backed primarily by leases of Personal Communications Services See PCS. (PCS) spectrum licenses. The lessees of the licenses are Sprint.Com, Inc. and WirelessCo, L.P., two wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Sprint Nextel Corporation (Sprint Nextel). Annual payments of interest and principal were made in November 2006 after the first annual lease payments were received from the lessees. The transaction's performance is currently meeting expectations. The rating action is based on Fitch's recent downgrade of the unsecured credit rating of Sprint Nextel and its subsidiaries. The rating of Wireless Partners III, LLC PCS Spectrum Lease-Backed Notes Series 2005-1 is capped at and is highly dependent on the senior unsecured credit rating of Sprint Nextel. Therefore, the downgrade in the rating of Sprint Nextel and its subsidiaries to 'BBB' from 'BBB+' is the primary factor in the downgrade of Fitch's rating of the series 2005-1 notes. (For more information please refer to 'Fitch Downgrades Sprint to 'BBB'; Outlook Negative", dated Jan. 10, 2007, available at www.fitchratings.com.) Wirefree Partners, LLC (not rated by Fitch) is a wireless broadband service provider formed for the purpose of managing, on behalf of the issuer, its participation in the Federal Communication Commission's Auction 58 and its acquired spectrum leases. Wirefree Partners, LLC was founded on Nov. 15, 2004 by the former executives and founders of Sprint PCS affiliate, AirGate PCS, Inc., and is a private company based in Atlanta. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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