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S&P to upgrade AT&T debt
Standard & Poor's said that, upon completion of SBC Communications Inc.'s (A/negative/A-1) acquisition of AT&T Corp. (BB+/watch positive), it will raise the BB+ corporate credit and senior unsecured debt ratings on AT&T to the A level at which SBC is rated.
S&P said AT&T assets are key to SBC's ability to serve the enterprise market on a global basis, and its operations are likely to be co-mingled in order to better serve SBC's customers.
The strategic value of AT&T Corp. to SBC is also highlighted by SBC's decision to change its name to AT&T Corp. upon close of the acquisition, the agency said.
Consideration for the AT&T Corp. acquisition is valued at about $22 billion, consisting of $15 billion in SBC shares, a $1 billion special dividend and AT&T's $5 billion debt.
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