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AT&T in Talks to Replace Bank Facility

June 06, 2002|Reuters

AT&T Corp., the No. 1 U.S. long-distance telephone and cable television company, is in talks to replace or renegotiate its $8-billion bank facility after a credit-rating downgrade by Moody's Investors Service.

Moody's cut AT&T's credit ratings to two notches above junk, to Baa2, affecting about $25 billion of debt.

AT&T will seek to "replace or renegotiate all or a portion of its $8-billion" bank facility that expires in December.

That credit agreement stipulates that AT&T cannot complete its sale of AT&T Broadband to Comcast Corp. unless its long-term debt is rated at least Baa1.

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