AT&T said it had repurchased $3.8 billion of debt for cash, reduc...
AT&T said it had repurchased $3.8 billion of debt for cash, reducing its $22.6 billion debt 1/6. It said it bought back $1.16 billion of 6.4% notes due March 2004 and $2.59 billion of its 6.5% notes due March…
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2013. Fitch Ratings said Fri. it cut AT&T’s rating outlook to negative from stable, following similar action by Standard & Poor’s earlier in week (CD Jan 28 p7). Fitch affirmed AT&T’s senior unsecured debt rating at BBB+ and its F2 short-term rating. It said AT&T Business Service revenue was affected by pricing pressures in its long distance voice segment and slowing growth in enterprise data businesses. Fitch said decreased IT spending and increased competition would “impact AT&T Business Service’s ability to return to a revenue growth environment in the near term.” However, it said its rating reflected company’s strong capital structure, strong liquidity position, free cash flow generation capabilities, expectation of further debt reduction. Fitch said AT&T’s liquidity position was supported by $8 billion cash at end of 2002 and $5 billion of available bank and accounts receivable securitization facilities. It said scheduled maturities consisted of $2.4 billion in 2003, including $1 billion short-term debt, and $2.4 billion in 2004. However, it said, after considering completion of AT&T’s debt repurchase offer, 2004 maturities would stand at $1.2 billion.