NEW YORK (Standard&Poor's) Dec. 12, 2001--Standard&Poor's today assigned its 'A-1'-plus rating to SBC International Inc.'s $3.5 billion 4(2) commercial paper program, which is guaranteed by parent SBC Communications Inc. (SBC). SBC provides back-up for estimated peak balances for its commercial paper programs through a combination of $3.7 billion in committed lines of credit, access to its extendible commercial notes program, and its portfolio of investment securities. At the same time, Standard&Poor's affirmed its existing ratings on SBC and related entities (see list below). The outlook is stable. The ratings on SBC and its subsidiaries reflect the healthy cash flows from the core telephone operating companies and the growing strength of its wireless segment. The
