Overview Key strengths Key risks Large size and scale, including its position as the third-largest wireless operator and broadband service provider in the U.S. Mid-band spectrum disadvantage relative to peers, which is critical for 5G network deployments. Stable wireless operations are relatively insulated from economic fluctuations. Secular industry challenges and significant competition in business and consumer wireline operations. Healthy wireless EBITDA margins. Aggressive financial policy, including a large annual common dividend. Strong portfolio of assets, including its dense fiber network and spectrum license holdings. Declining capital intensity will drive improving free operating cash flow (FOCF).and leverage. AT&T?s S&P Global Ratings-adjusted debt to EBITDA improved to 3.6x in 2023 from 3.8x in 2022 and is comfortably below our 3.75x threshold for
