Exhibit 12.1

NII HOLDINGS, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
(dollars in thousands)

	Year Ended						Ten Months Ended		Two Months Ended		Year Ended
	December 31,						October 31,		December 31,		December 31,
	2000			2001			2002		2002		2003		2004
(Loss) income from continuing operations before income tax	$	(290,122	)	$	(2,378,590	)	$	1,986,590	$	27,973		132,841		135,510
Add:
Fixed charges		333,031			352,216			170,435		13,302		85,897		74,665
Amortization of capitalized interest		7,313			12,654			3,716		743		6,779		7,179
Less:
Interest capitalized		26,513			42,927			8,239		971		6,825		2,598
Equity in (losses) gains of unconsolidated affiliates		(33,328	)		9,640			—		—		—		—
Losses attributable to minority interests		6,504			—			—		—		—		—
Earnings as adjusted	$	50,533		$	(2,066,287	)	$	2,152,502	$	41,047	$	218,692	$	214,755
Preferred stock dividends:		61,334			—			—		—		—		—
Effective income tax (benefit) provision rate		100	%		—			—		—		—		—
Preferred stock dividends on pretax basis		61,334			—			—		—		—		—
Fixed charges:
Interest expense on indebtedness (including amortization of debt expense and discount)	$	237,743		$	297,228		$	151,579	$	10,469		64,623		55,113
Interest capitalized		26,513			42,927			8,239		971		6,825		2,598
Portion of rent expense representative of interest (30%)		7,441			12,061			10,617		1,862		14,449		16,954
Fixed charges	$	333,031		$	352,216		$	170,435	$	13,302	$	85,897	$	74,665
Ratio of earnings to fixed charges		0.15			(5.87	)		12.63		3.09		2.55		2.88
Deficiency of earnings to cover fixed charges	$	—		$	2,418,503		$	—	$	—	$	—	$	—