The ratings on AT&T Inc. and related entities continue to reflect an overall strong business risk profile and a financial risk profile which Standard&Poor's Ratings Services now considers intermediate, recognizing its substantial discretionary free cash flow generation and adequate liquidity. Our business risk assessment incorporates the combined impact of a strong and growing wireless business, with a wireline segment that we view as having a weaker, but still satisfactory, business risk profile. While wireless and wireline segments generate roughly equal amounts of revenue, we weight the wireless segment somewhat more heavily in analyzing AT&T's overall business risk, given our view that the wireless segment will become an increasingly important component of the company's overall credit profile. While we
