AT&T junk downgrade triggers coupon step-up
Poor second-quarter results from the once-mighty telco prompt rating actions
Telecom giant AT&T completed its fall from grace over the summer as every major rating agency in turn downgraded the company to junk status. Fitch was the first to take action, downgrading AT&T by one notch from BBB- to BB+. And Moody’s and S&P were hot on Fitch’s heels, both downgrading the telecom two notches to Ba1 and BB+ respectively.
The downgrades followed a set of disappointing results from
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