The ratings on Dallas-based, AT&T Inc. (AT&T) and related entities reflect an overall strong business risk profile and a financial risk profile which Standard&Poor's Ratings Services considers intermediate, recognizing the company's substantial net free cash flow generation. Our financial risk profile incorporates the expectation that adjusted debt leverage will increase to about 2.8x because of the pending acquisition of T-Mobile USA from 2.5x as of March 31, 2011. Our business risk assessment is based on 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
