Strong and growing wireless business; Geographic and business diversity; Global network; Growth in U-verse video service; Solid cash flow generation and adequate liquidity; and Solid access to capital markets. Wireless substitution and cable telephony continue to affect wireline business; Potential loss of iPhone exclusivity could affect recent pace of wireless addition; and Financial policy limits prospects for meaningful leverage improvement. The ratings on AT&T Inc. and related entities continue to reflect an overall strong business risk profile and a financial risk profile which Standard&Poor's Ratings Services now considers intermediate, recognizing its substantial discretionary free cash flow generation and adequate liquidity. Our business risk assessment incorporates the combined impact of a strong and growing wireless business, with a wireline
