Moody's

Moody's Investors Service (Moody's) has assigned a Baa3 to T-Mobile USA, Inc.'s (T-Mobile) proposed senior secured notes (Secured Notes). T-Mobile's Ba2 CFR reflects the company's large scale of operations, extensive asset base and enhanced industry market position post its April 1, 2020 merger with Sprint Corporation (Sprint) which has resulted in the company exceeding AT&T Inc. (AT&T, Baa2 stable) on a wireless subscriber basis. T-Mobile's financial policy is focused on improving leverage to under 4x (Moody's adjusted) over time as a result of synergies associated with a multi-year integration of Sprint's wireless network into the legacy T-Mobile wireless network, including the successful migration of most of Sprint's customers to T-Mobile's network.