The ratings on SBC Communications Inc. and its subsidiaries reflect the strong cash flows from the core telephone operating companies and SBC's improved business position resulting from its merger with Ameritech Corp. The company's wireless business benefits from its partnership with BellSouth Corp. in Cingular Wireless LLC, which provides the company a larger, more national footprint as well as increased scale economies for equipment purchases. SBC is likely to continue to pursue other strategically sensible acquisitions or business partnerships. Growth in data communications and wireless services, driven in part by strong growth in Internet use, will continue to afford SBC growth opportunities. In addition, in 2000 SBC received approval to provide in-region long-distance service to customers in Texas, Kansas, and
