On April 24, 2009, Standard&Poor's Rating Services assigned its 'A' rating to AT&T Inc.'s aggregate £1.85 billion global notes. The notes consist of two tranches: £750 million due 2017 and £1.1 billion due 2040. At the same time, we affirmed all of our existing ratings on the Dallas, Texas-based integrated telecommunications carrier, including the 'A' corporate credit rating. The rating outlook is negative. The company has about $114 billion of adjusted consolidated debt, excluding the proposed issue. Issue proceeds will be used for general purposes and the refinancing of upcoming debt maturities. The proposed debt issue does not materially affect financial parameters. The 'A' corporate credit rating reflects AT&T's solid investment-grade business position and modest financial profile. However,
