NEW YORK (Standard&Poor's) Dec. 20, 2011—Standard&Poor's Ratings Services said today that its ratings and outlook on AT&T Inc. (A-/Stable/A-2) are unaffected by the company's announcement that it dropped its bid to acquire T-Mobile USA, a $39 billion stock and cash transaction which was proposed in March 2011. As part of the break-up consideration, AT&T will pay Deutsche Telekom $3 billion in cash, spectrum with a book value of $1 billion, and enter into an unvalued commercial roaming agreement with T-Mobile USA. As we stated previously, the termination of the merger agreement would not have an impact on AT&T's ratings and outlook. We expect that leverage, which was about 2.6x as of Sept. 30, 2011, will likely
