As one of the largest local telephone companies in the U.S., San Antonio, Texas-based regional Bell operating company SBC Communications Inc. continues to have a strong business profile. It generated some $17 billion of EBITDA in 2002, excluding its share of Cingular Wireless LLC, and its free cash flow after dividends and capital expenditures tallied about $5.5 billion. Its near-to-intermediate term liquidity is therefore extremely solid. SBC's local win-back efforts are also expected to help stabilize residential line losses during the next year. The company has received interLATA relief in its Southwestern Bell and Pacific Telesis regions, with the five Ameritech states expected to gain approval before year-end 2003. The caveat to win-back offers is the initial discounting required to
