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AT&T says downgrade to junk will cost $70 million in coupon step ups in 2005
New York, Aug. 4 - AT&T Corp. said the downgrade of its credit ratings to junk will cost it $10 million in extra interest expense this year and $70 million in 2005.
The rating actions triggered a 100 basis points step up in the interest rate on $6.5 billion of debt, the Bedminster, N.J., telecommunications company said in a 10-Q filing with the Securities and Exchange Commission. The increase is effective from November.
Standard & Poor's downgraded AT&T to junk on Tuesday following similar actions by Moody's Investors Service and Fitch Ratings.
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