Moody's says AT&T unaffected

Moody's Investors Service said that AT&T Inc.'s announcement to sell a 53% stake in its directories publishing business for about $750 million in cash and a $200 million note does not affect its A2 stable rating.

The agency said that from a credit standpoint, selling an asset like the directories business, which still generates strong cash flows, is a credit negative if AT&T does not rebalance its debt to address the lost cash flow.

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