NY -- Standard&Poor's CreditWire 6/27/97 -- Standard&Poor's today has assigned its 'A-1'-plus rating to the new 4(2) commercial paper program of SBC Communications Inc. The new program will have a maximum outstanding principal amount of $4 billion. About $15 billion of debt and preferred stock is outstanding. The new program will replace the company's five existing commercial paper programs. Commercial paper issued under these programs will continue to be rated 'A-1'-plus. Once commercial paper issued under these programs has matured, the ratings will be withdrawn. These programs are: Program Rating Pacific Telesis Group A-1+ PacTel Capital Resources A-1+ Pacific Bell A-1+ Southwestern Bell Telephone Co. A-1+ SBC Communications Capital Corp. A-1+ The rating reflects the strong
