S&P says may cut AT&T's credit rating by one notch

NEW YORK, July 28 (Reuters) - Standard & Poor's on Wednesday said that it may cut telecommunications company AT&T Inc's credit rating, saying that the company could have difficulty reducing its debt load within a reasonable timeframe.

S&P said it placed its ratings on AT&T Inc. on CreditWatch with negative implications, including for the company's A corporate credit rating and its A-1 short-term and commercial paper ratings.

"We expect a potential downgrade of the corporate credit rating, if any, would be limited to one notch;" said Standard & Poor's credit analyst Richard Siderman, quoted in a statement. (Reporting by John Parry and Caryn Trokie; Editing by Theodore d'Afflisio)