May 22, 2012 / 5:30 PM / 5 years ago

TEXT-S&P assigns AT&T notes 'A-' rating

May 22 () - Standard & Poor's Ratings Services said today that it assigned
its 'A-' issue-level rating to Dallas-based AT&T Inc.'s proposed senior
unsecured notes (undetermined amount but denominated in Pound Sterling) due
2044. We expect the company to use net proceeds for general corporate purposes,
and we do not expect this transaction to materially impact key credit measures
for more than a temporary period.	
	
The 'A-' long-term corporate credit rating on AT&T remains unchanged, as do 	
the 'A-2' short-term rating and the stable rating outlook. The ratings on AT&T 	
continue to reflect an overall "strong" business risk profile and a financial 	
risk profile which Standard & Poor's considers "intermediate" (as defined in 	
our criteria), recognizing the company's substantial free operating cash flow 	
generation and adjusted leverage of about 2.6x as of March 31, 2012. Our 	
business risk assessment is based on the combined impact of a strong and 	
growing wireless business, with a wireline segment that we view as having a 	
weaker, but still satisfactory, business risk profile. (For the complete 	
corporate credit rating rationale, see the summary analysis on AT&T, published 	
Jan. 17, 2012, on RatingsDirect.)	
	
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     -- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011	
	
RATINGS LIST	
	
AT&T Inc.	
 Corporate Credit Rating                 A-/Stable/A-2	
	
New Rating	
AT&T Inc.	
 Senior Unsecured Notes due 2044         A-	
	
Complete ratings information is available to subscribers of RatingsDirect on 	
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 	
by this rating action can be found on Standard & Poor's public Web site at 	
www.standardandpoors.com. Use the Ratings search box located in the left 	
column.

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