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; Loss of iPhone exclusivity could affect post-paid subscriber additions; and Financial policy limits prospects for meaningful leverage improvement. The ratings on Dallas-based, AT&T Inc. (AT&T) and related entities reflect an overall strong business risk profile and a financial risk profile which Standard&Poor's Ratings Services considers intermediate, recognizing the company's substantial net free cash flow generation. Our financial risk profile incorporates the expectation that adjusted debt leverage will increase to about 2.8x because of the pending acquisition of T-Mobile USA
