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A NEW NO. 1.
Byline: JEFFREY SILVA
The fanfare surrounding last week's government approval of Cingular Wireless L.L.C.'s $41 billion acquisition of AT&T Wireless Services Inc. proved to be short-lived, with Moody's Investors Service reacting immediately by downgrading long-term debt ratings of the new No. 1 U.S. mobile-phone carrier and its two parent Bell telephone companies.
Following conditional approvals of the merger by the Justice Department and Federal Communications Commission-which required modest wireless divestitures in more than a dozen spectrum-concentrated markets-Moody's painted a sober picture of the risks, challenges and opportunities for stakeholders in a mobile-phone merger of historic proportions.
Pointing to wireline competitive pressures, network upgrade costs and potential wireless merger snags, Moody's called the ratings outlook negative for SBC Communications Inc. (60-percent owner of Cingular) and BellSouth Corp. (40-percent owner of Cingular). Moody's said the ratings outlook for Cingular and AT&T Wireless is stable.
The "integration of AT&T Wireless into Cingular may prove more difficult, expensive and time consuming than expected, and when coupled with the service requirements associated with Cingular's assumption of AT&T Wireless' debt, will lead to lower earnings and distributions to SBC and BellSouth than currently anticipated by the companies,'' Moody's stated.
The strategic priority SBC and BellSouth attach to Cingular Wireless-reflected in the record price they paid for AT&T Wireless-makes it more likely the two …
- Moody's lowers Cingular Wireless rating. (News).
- Magazine article from: RCR Wireless News December 3, 2001 700+ words
NEW YORK -- Moody's Investor Service...term debt rating of Cingular Wireless L.L...P-1 to P-2. Moody's said the downgrade was due to Cingular's decision to...potential customers. Moody's also cited Cingular's weak net subscriber...
- Moody's may upgrade Cingular Wireless sr unsecured rating.
- News wire article from: The America's Intelligence Wire September 29, 2005 700+ words
...BROWN SAN FRANCISCO (MarketWatch) -- Moody's Investors Service late Thursday affirmed the Baa2 senior unsecured rating of Cingular Wireless LLC, a joint venture of BellSouth...amp;T Wireless Services Inc. into Cingular has progressed, to date, more smoothly...
- Cingular taps debt markets for $2B: Horizon PCS, Nextel Partners also sell...
- Magazine article from: RCR Wireless News Mooney, Elizabeth V. December 10, 2001 700+ words
...latest assessments of Cingular. Moody's downgraded to A3...Standard & Poor's. Cingular, which has 21 million...and BellSouth Corp. Moody's cited two key reasons...risk associated with Cingular's decision to overlay...
- Atlanta-Based Cingular Wireless Receives Favorable Debt Ratings.(Knight...
- Newspaper article from: Knight Ridder/Tribune Business News Kanell, Michael E. November 16, 2000 700+ words
Nov. 16--Cingular Wireless has received...amp; Poor's and Moody's Investors Service...to an endorsement of Cingular and its deep-pocketed...SBC Communications. Moody's gave Cingular an A2. Standard &...
- Atlanta-Based Cingular Wireless Receives Favorable Debt Ratings.
- News wire article from: Atlanta Journal-Constitution (Atlanta, GA) November 16, 2000 700+ words
...Kanell Nov. 16--Cingular Wireless has received...amp; Poor's and Moody's Investors Service...to an endorsement of Cingular and its deep-pocketed...SBC Communications. Moody's gave Cingular an A2. Standard &...
- Cingular acquires AT&T Wireless for 41 billion dollars.
- News wire article from: Europe Intelligence Wire February 18, 2004 700+ words
...said it also placed Cingular's rating on review...negative implications." Moody's said it was keeping Cingular on review for a possible...Prime-1. It gives Cingular an A3 long-term and...short-term rating. Moody's said AT and T Wireless...
- Deutsche Telekom to cooperate with Cingular (Telekom kooperiert mit Cingular).
- News wire article from: Europe Intelligence Wire July 18, 2006 700+ words
...group Deutsche Telekom is to cooperate with Cingular Wireless, the US mobile phone company...smallest of the nationwide service providers; Cingular is the second-largest operator. Rating agency Moody's Investors Services estimates that T...
- The New Cingular and the intermodal pass.(Opinion)
- Magazine article from: RCR Wireless News November 1, 2004 700+ words
...dried upon the deal, Moody's Investors Service...term debt ratings for Cingular and its two Baby Bell...amp;T Wireless into Cingular may prove more difficult...requirements associated with Cingular's assumption of AT...companies,'' stated Moody's. Two days later...
- Cingular Wireless Launches New Service in Cookeville, TN; Leading carrier gives...
- Press release article from: PR Newswire May 17, 2004 700+ words
...phone and slide it into another Cingular GSM phone. Cingular's Cookeville retail store is...giveaways for visitors. Karen Moody, a Cookeville native, will...wireless voice and data products, Cingular will make a donation in the amount...
- Cingular Introduces Forwarding Feature for Wireless Customers.
- Newspaper article from: Knight Ridder/Tribune Business News September 9, 2003 700+ words
...operated by any carrier, and Cingular will provide unlimited call...said. "About 70 percent of Cingular customers live in areas where...growing. A recent report by Moody's Investors Service noted...said. Another product that Cingular offers in some markets lets...
Source: HighBeam Research, A NEW NO. 1.
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