SBC Debt Rating Lowered

S&P cites the heightened business risk experienced in the local telephone industry

On May 28, 2003, Standard & Poor's Ratings Services lowered its corporate credit and senior unsecured debt ratings on San Antonio, Texas-based regional Bell operating company (RBOC) SBC Communications (SBC ) and its subsidiaries to 'A+' from 'AA-'. The short-term corporate credit and commercial paper ratings were also lowered to 'A-1' from 'A-1+'.

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