Announcement: Moody’s says no rating impact from T-Mobile release of collateral on secured obligationsGlobal Credit Research – 23 Aug 2022New York, August 22, 2022 — Moody’s Investors Service (“Moody’s”)” said T-Mobile USA, Inc. (T -Mobile) has amended its Credit Agreement, releasing all liens securing obligations under the facility. The liens securing T-Mobile’s senior secured notes were automatically released upon effectiveness of the Credit Agreement Amendment. With the release of the collateral underlying T-Mobile’s previously senior secured notes and revolving credit facility, all of T-Mobile’s debt, except for debt issued at Sprint Spectrum special purpose vehicles (SPVs), is now senior unsecured. Upon Moody’s upgrade of T-Mobile’s unsecured ratings to investment grade in July, both the secured and unsecured debt were rated Baa3 based on Moody’s expectation that the company would amend their Credit Agreement shortly thereafter to release all of the underlying collateral. e is no further ratings impact from this event. For so long as the outstanding principal amount of the senior unsecured notes issued by T-Mobile in 2017 and 2018 exceeds $2.0 billion, (1) senior unsecured debt issued by T-Mobile (including any notes initially issued as senior secured notes) will continue to be guaranteed on a senior unsecured basis by T-Mobile US, Inc. (T-Mobile US), parent of T-Mobile, and all wholly-owned domestic restricted subsidiaries of T-Mobile, including the entities acquired in the 2020 Sprint merger transaction (but SPVs will continue to be designated as restricted non-guarantors, and (2) T-Mobile US, T-Mobile and T-Mobile’s wholly-owned domestic restricted subsidiaries (subject to customary exceptions) will also continue to guarantee Sprint spectrum lease payments on a senior unsecured basis. At such time as $2.0 billion or less of the senior unsecured notes issued by T-Mobile in 2017 and 2018 remain outstanding (and concurrent with the release of all subsidiary guarantees underlying T-Mobile’s revolving credit facility), (1) all subsidiary guarantees of T-Mobile’s senior unsecured debt may be released at T-Mobile’s election, other than subsidiary guarantees of the senior unsecured notes issued by T-Mobile in 2017 and 2018, and (2) certain subsidiaries of Sprint Communications LLC (SC) will remain guarantors of the Sprint spectrum lease payments unless SC satisfies certain ratings and asset coverage conditions. At all times, the senior unsecured notes issued by Sprint and Sprint’s wholly-owned subsidiaries, SC and Sprint Capital Corporation (SCC), will continue to receive downstream senior unsecured guarantees from T -Mobile US and T-Mobile. Further, (1) the senior unsecured notes issued by Sprint will continue to be guaranteed by SC, (2) the senior unsecured notes issued by SC will continue to be guaranteed by Sprint and (3) the senior unsecured notes issued by SCC will continue to be guaranteed by both Sprint and SC. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the issuer/deal page on https://ratings.moodys.com for the most updated credit rating action information and rating history. Neil Mack, CFA Vice President – Senior Analyst Corporate Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 USA JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Lenny J. 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