Thursday, January 04, 2007 1:37:39 AM
S&P also removed all the companies' ratings from CreditWatch after AT&T last week closed its $86 billion buyout of BellSouth.
"Although AT&T made a number of concessions to break the deadlock needed to get FCC approval, the magnitude of these concessions are not material enough to affect the ratings," credit analyst Catherine Cosentino, said in a press release.
On a pro forma basis, the new AT&T had about $63 billion of debt reported as of Sept. 30.
The S&P ratings reflect its view that the merged entity's wireless business is strong enough to offset the higher business risk of its wireline operations, coupled with a modest capital structure, supports the overall 'A' corporate credit rating.
But the negative outlook reflects ongoing concern that the local telephone business will continue to face the challenges of wireless adoption and increased competition from cable TV operators offering digital phone and Internet service, according to S&P.
Shares of AT&T dipped 25 cents to $35.50 in morning trading on the New York Stock Exchange.
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