Global diversified telcom provider AT&T Inc. maintains an overall strong business risk profile underpinned by its growing wireless segment. Cash generation is strong, but the wireline segment continues to face secular pressure. Given our expectation of limited debt reduction, we now view the company's financial risk profile as intermediate. We are lowering our long-term corporate credit rating on the company to 'A-' from 'A' and the short-term rating to 'A-2' from 'A-1', removing all ratings from CreditWatch. The stable outlook reflects our expectations that the recent pattern of relatively stable overall financial performance will continue, with wireless growth roughly offsetting weaker performance of the wireline segment. On Dec. 6, 2010, Standard&Poor's Ratings Services lowered its ratings on Dallas-based
