On Feb. 17, 2004, Standard&Poor's Ratings Services placed the ratings of regional Bell operating companies (RBOCs) SBC Communications Inc. (A+/A-1) and BellSouth Corp. (A+/A-1), as well as wireless carrier Cingular Wireless LLC (A+/A-1), on CreditWatch with negative implications. At the same time, the CreditWatch listing for AT&T Wireless Services Inc. (BBB/A-2) has been revised to positive from developing. These actions reflect the announced agreement by Cingular to acquire AT&T Wireless' stock for $41 billion in cash, plus the assumption of AT&T Wireless' $10 billion of debt. It is expected that Cingular's parents, SBC (60% owner) and BellSouth (40% owner), will fund a major portion of their proportionate shares of the total $36 billion approximate net cash funding of
