Fitch Ratings downgraded Wirefree Partners III, LLC PCS Spectrum Lease-Backed Notes, 2005-1 to BBB', from BBB+', after taking a similar action on the unsecured corporate rating of Sprint Nextel and its subsidiaries.

Sprint Nextel leases personal communications services (PCS) spectrum licenses to Sprint.Com and WirelessCo, L.P., two of its wholly owned subsidiaries. Sprint formed the Wirefree Partners in 2004 as a wireless broadband service provider to manage its acquired spectrum leases. Leases revenue from those PCS spectrum licenses back the Wirefree Partners bonds.

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