SAN FRANCISCO (Standard&Poor's) Dec. 17, 2010—Standard&Poor's Ratings Services said today that Dallas-based AT&T Inc.'s (A-/Stable/A-2) announcement of a new share repurchase authorization does not affect our ratings or outlook on the company. AT&T has authorized the repurchase of 300 million shares, which would equate to approximately $9 billion at the current stock price. The authorization has no expiration. On Dec. 6, 2010, we lowered our rating on AT&T to 'A-' from 'A', based on our view that the company's targeted leverage range was not supportive of the former rating given our assessment of AT&T's business risk profile. Specifically, we expect the company to target debt/EBITDA in the low-2x area, including our adjustments for operating leases and
