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S&P: AT&T, Verizon unchanged
Standard & Poor's said its ratings and outlook for AT&T Inc. (A/stable/A-1) and Verizon Communications Inc. (A/stable/A-1) are not affected by their winning bids in the FCC's recent 700 MHz wireless spectrum auction.
The agency said that the cash requirements for this spectrum are $6.6 billion for AT&T and $9.4 billion for Verizon, adding that it expects these requirements to be funded for AT&T primarily with cash on hand, cash flow and additional debt.
For Verizon, these requirements will be funded through a combination of cash on hand, cash flow, additional debt and proceeds from a pending transaction with FairPoint Communications Inc., the agency noted.
In both cases, debt to EBITDA is expected to modestly increase to the 2x range, the agency said.
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