CreditSights logo
Forgot Password?

AT&T

T has the 2nd-largest wireless postpaid subscriber base in the U.S. (77.4 mn). T also offers Wireline services and acquired DTV and its ~20 mn satellite video customers in 2015. T is expanding wireless into Mexico and has deployed LTE service to ~90 mn people in the country. T's LTE Network reaches over 317 mn US POPs. T currently has over 60 MHz of spectrum available to deploy, including 20 MHz of AWS-3, 20 MHz of WCS, 20 MHz of FirstNet, and 600 MHz winnings (3 MHz). T agreed to buy TWX for $109 bn in Oct 2016. In Nov. 2017, the DoJ sued T to block the merger, citing concerns over T's control over key content coupled with its large video distribution business. Judge Richard Leon ruled in favor of T/TWX on June 13, 2018 and the deal closed shortly thereafter. The DoJ has since appealed the ruling. In July 2015, T closed its acquisition of DTV. The $48.5bn merger brought T/DTV to 25 mn U.S. video subs. T has benefited from DTV by bundling mobile and video packages, which it believes reduces churn. Fixed/mobile convergence will also help T differentiate itself in the increasingly competitive environment. (24 Aug 2018)

Search Results

Excerpts only. To access full content please login or request a free trial.

US TMT: FCC To Review Local Media Ownership Rules

Sector Analysis: 13 Dec 2018, 6:03 AM ET - We review and summarize some of the key components of the FCC's Notice of Proposed Rulemaking and the local media ownership rules under review. 
Focused

AT&T: New Credit Facilities for Refinancing

Worth Watching: 27 Nov 2018, 8:51 PM ET - AT&T (Baa2/BBB) is turning to the loan markets to refinance portions of its Time Warner acquisition debt following its exploration of global bond markets earlier this year. Last week, AT&T placed a new Term Loan A facility and is currently look ..

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.
Focused

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

Euro IG TMT Weekly: Catching Knives

Sector Analysis: 29 Oct 2018, 6:56 AM ET - Market jitters continue to impact performance with Telecoms and hybrids taking the brunt of risk reduction, with no-one willing to catch the falling knife.
Focused

AT&T: Leverage Scenarios

Company Analysis: 29 Oct 2018, 5:07 AM ET - AT&T's debt load has ballooned to nearly $185 bn. We analyze base, bull, and bear scenarios to assess leverage outcomes over the next 3 years. 
Focused

AT&T 3Q18: Entertainment is Not Entertaining

Earnings Note: 24 Oct 2018, 8:34 PM ET - AT&T's results left much to be desired, with a consolidated EBITDA decline of over 2% driven by headwinds in its Entertainment Group, primarily related to consumer video. However, free cash flow generation remains strong.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US IG Chart of the Day: Largest Issuer Curves

Strategy Analysis: 03 Oct 2018, 10:33 AM ET - Comcast's mega-deal this week prompted us to take a look at the spread curve for the largest issuers in the IG Index. T, GM, and Pemex have the steepest curves, while the A-rated names have much flatter structures. 

WINTRE: Bidding Big in the Italian Spectrum Auction

HY Note: 27 Sep 2018, 7:52 AM ET - The price of the Italian spectrum auction continues to climb higher and Wind Tre is clearly in the running for the expensive 3700 MHz spectrum band allocations.
Focused

AT&T: Assessing Pro Forma Adjustments

IG Note: 12 Sep 2018, 1:06 PM ET - AT&T provided its first set of pro forma figures for the combined AT&T/TWX. We break down the accounting adjustments associated with the acquisition and their implications going forward. 

CBS: So Long Moonves

IG Note: 10 Sep 2018, 4:39 PM ET - CBS has seen its drama-filled summer come to an end with the departure of Les Moonves and a resolution with its controlling shareholder, National Amusements.

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

Euro TMT RV: Telecoms Sector Update

Euro TMT RV: 03 Sep 2018, 11:53 PM ET - We provide an update of the European Telecom sector, looking at the key trends and events that have impacted results so far in 2018, before taking a look at sector bond performance and reviewing our issuer level recommendations.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Euro IG TMT Weekly: Summer Slowdown

Sector Analysis: 06 Aug 2018, 6:30 AM ET - The performance of euro IG TMT sector slowed down as we entered August. Nonetheless, it continued to outperform the ex-Financials index with excess return of 0.13% in the week to 3 Aug.
Focused

US Wireless: 2Q18 in Pictures

Sector Analysis: 06 Aug 2018, 4:58 AM ET - Following the end of 2Q18 earnings for the four largest US wireless carriers, we provide a summary of the industry through tables and charts.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.
Focused

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>

Sector

Refine Results