NEW YORK (Standard&Poor's) July 2, 2007--Standard&Poor's Ratings Services said today that its ratings and outlook on San Antonio, Texas-based AT&T Inc. (A/Negative/A-1) are not affected by the company's proposed acquisition of Dobson Communications Corp. (B-/Watch Pos/--) for $2.8 billion, plus $2.3 billion of existing debt. Given AT&T's substantial size, this transaction does not affect its overall financial profile to any meaningful degree. Moreover, the transaction actually has the potential to provide operating benefits to AT&T Mobility, given the roaming savings to be achieved, and net present value of all targeted synergies of about $2.5 billion. The transaction is expected to close by the end of 2007, with completion of regulatory approvals. Dobson is a regional wireless
