NEW YORK (Standard&Poor's CreditWire) May 26, 2000--Standard&Poor's today assigned its preliminary double-'A'-minus senior unsecured debt rating to SBC Communications Inc.'s $7.5 billion universal shelf registration. At the same time, the preliminary double-'A'-minus senior unsecured debt and preliminary single-'A' preferred stock ratings on a prior universal shelf registration filed by SBC for $3 billion were withdrawn. Standard&Poor's also affirmed its other ratings on SBC and its subsidiaries (see list below). The outlook is stable. The ratings on SBC and its subsidiaries reflect the strong cash flows from the company's core telephone operating companies and SBC's improved business position as a result of its recent merger with Ameritech Corp. SBC is likely to continue to pursue
