On Aug. 24, 2004, Standard&Poor's Rating Services assigned its preliminary 'A+' rating to the debt portion of SBC Communications Inc.'s (A+/Watch Neg/A-1) $15.5 billion universal shelf registration. Simultaneously, Standard&Poor's placed this rating on CreditWatch with negative implications in accordance with existing ratings for SBC. Proceeds from debt issued under this shelf will be used to repay a portion of the company's outstanding debt and for general corporate purposes. Standard&Poor's announced on March 26, 2004, that it will be conducting a review of the investment-grade regional Bell operating companies (RBOCs), including SBC Communications Inc., given the rising business risk that these carriers face. Accordingly, the current CreditWatch listing for the ratings of SBC, BellSouth Corp.,
