...NEW YORK (S&P Global Ratings) July 27, 2017--S&P Global Ratings today assigned its '###+' issue-level rating on Dallas-based AT&T Inc.'s proposed global notes with maturities of 2023, 2024, 2027, 2037, 2050, and 2058 (amounts to be determined). Net proceeds will be used to fund the remaining portion of the cash component for the company's proposed acquisition of Time Warner Inc. At the same time, we placed the ratings on this debt on CreditWatch with negative implications, the same as the negative CreditWatch listing on AT&T's current unsecured debt rating. The '###+' corporate credit rating also remains on CreditWatch negative. We plan to resolve the CreditWatch listing once the transaction closes, likely by the end of 2017. We expect downside potential will be limited to one notch. We believe that the proposed acquisition has some strategic merits, including product and asset diversification as well as reducing AT&T's exposure to the highly competitive U.S. wireless industry and secular...
