Tear Sheet: AT&T Inc.

AT&T continues to take share in the wireless segment through aggressive promotions and simplified service plans. As a result, mobility increased its service revenue and EBITDA 4% and 8%, respectively, year over year. Wireless service revenue growth is tracking to our forecast for 4% growth in 2023, although we expect mobility EBITDA to exceed our previous forecast and now assume growth of 5%-6%. While we expect moderating subscriber trends in 2024, we believe that AT&T can grow its service revenue about 3%. Similarly, we expect continued momentum in the consumer wireline segment from fiber-to-the-home (FTTH) broadband customer growth and higher average revenue per user (ARPU) will drive overall top-line growth of about 3% and EBITDA growth of 7% in 2023.

...Foreign currency issuer credit rating ###/Stable/A-2 Local currency issuer credit rating ###/Stable/A-2 Business risk Strong Country risk Very Low Industry risk Intermediate Competitive position Strong Financial risk Significant Cash flow/leverage Significant Anchor ### Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Satisfactory (no impact) Comparable rating analysis Neutral (no impact) Stand-alone credit profile ###...

Full Report