NEW YORK (Standard&Poor's CreditWire) Jan. 20, 2000--Standard&Poor's today raised its rating on SBC Communications Inc.'s (SBC) senior unsecured debt to double-'A' from double-'A'-minus. In addition, the senior unsecured debt rating on Ameritech Capital Funding Corp. (ACFP) was lowered to double-'A' from double-'A'-plus. ACFP is the funding unit of Ameritech Corp., which merged with SBC in October 1999. At the same time, Standard&Poor's took various other rating actions on SBC and its subsidiaries (see list below). In addition, all ratings that had been placed on CreditWatch following SBC's announcement that it would acquire Ameritech are removed from CreditWatch (see list). The outlook is negative. The corporate credit rating on SBC's telephone operating subsidiaries is now
