The ratings on SBC Communications Inc. and its subsidiaries reflect the healthy cash flows from the core telephone operating companies and the growing strength of its wireless segment. The wireless business is comprised of a 60% economic share in Cingular Wireless LLC, which SBC owns in a jointly controlled partnership with BellSouth Corp. The joint venture benefits from a larger combined footprint and increased scale economies for equipment purchases. Wireless operations are expected to be a significant growth vehicle for SBC in 2002, given Cingular's aggressive selling efforts and accompanying subscriber growth since its formation in late 2000. SBC focused its efforts in 2001 on growing its data and broadband service offerings and customer base, including digital subscriber line (DSL),
