On July 19, 2007, Standard&Poor's Ratings Services revised its outlook on San Antonio, Texas-based regional bell operating company AT&T Inc. to stable from negative and affirmed its ratings, including its 'A' corporate credit rating. At March 31, 2007, the company had about $62.6 billion of total debt outstanding. The revision reflects our assessment that the company's financial performance and cash resources are expected to provide sufficient cushion to accommodate substantial cash requirements for its businesses and anticipated stock repurchases in the next one to two years. The business requirements include AT&T's U-verse broadband video strategy and incremental needs in the wireless business, including its possible participation in the 700-MHz auction and buildout requirements. Pro forma for full-year BellSouth
