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" (as defined in our criteria), recognizing the company's substantial net free cash flow generation and adjusted leverage of about 2.6x as of Sept. 30, 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 somewhat more heavily in analyzing AT&T's overall business risk, given our view that the wireless
