On Jan. 13, 2006, Standard&Poor's Ratings Services placed the ratings on diversified telecommunications carriers AT&T Inc. ('A/A-1') and its related entities, on CreditWatch with negative implications. The company has about $31 billion of total debt outstanding, pro forma for the former SBC Communications' purchase of AT&T Corp. in November 2005. This action reflects our view that there is a higher level of uncertainty about the business prospects for the local wireline businesses of investment-grade communications carriers and also prompted the negative CreditWatch placement of BellSouth Corp. ('A/A-1'), CenturyTel Inc. ('BBB+/A-2'), Telecomunicaciones de Puerto Rico Inc. ('BBB+/A-2'), and Cingular Wireless LLC ('A'), and the one-notch downgrade of the long-term ratings on Verizon Communications Inc. (A/Negative/--) and related entities. Cingular's
