Fitch applies A- to AT&T notes

Fitch Ratings said it assigned an A- rating to AT&T Inc.'s benchmark senior unsecured note offering.

The senior unsecured offering will be in seven tranches: senior unsecured fixed-rate notes due in 2023, 2024, 2027, 2037, 2050 and 2058 as well as senior unsecured floating-rate notes due in 2023.

AT&T's long-term issuer default rating is A-. The issuer default rating and debt securities remain on rating watch negative, where they were placed in October 2016 upon the announcement of the acquisition of Time Warner Inc. (long-term issuer default rating BBB+).

Proceeds from the offering are expected to be used for general corporate purposes, including the funding of the cash consideration for the Time Warner transaction. The notes are subject to a special mandatory redemption feature in the event the Time Warner transaction is not consummated on or prior to April 22, 2018 or if it is terminated prior to that date.

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