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BellSouth Corp. Ratings Lowered; Outlook Stable Jul 01
Standard & Poors, July 2001
Abstract
NEW YORK (Standard & Poor's CreditWire) July 11, 2001--Standard & Poor's today lowered its ratings on BellSouth Corp. and related entities (see list below). The outlook is stable. The rating action is based on the company's substantially escalated use of debt funding and debt guarantees over the past 12 months, to levels in excess of those incorporated into the previous ratings. Because of this increased use of debt, EBITDA interest coverage is expected to be about 8.0 times (x) and debt to EBITDA is expected to be about 1.6x for 2001. These figures include about $3 billion in guaranteed debt and a 40% proportionate share of anticipated Cingular Wireless LLC (Cingular) external debt, and debt pay-down from proceeds of selected...
Companies mentioned in this report are: BellSouth Corp.,BellSouth Telecommunications Inc.,BellSouth Capital Funding Corp.,BellSouth Telecommunications 1994-A Pass Through Trust
Action: Downgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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