Moodys Upgrades Cingular Debt Rankings

Moody's Investors Service says that they have upgraded the senior unsecured rating of Cingular Wireless to Baa1 from Baa2, and stated that the rating outlook is positive. Cingular's Baa1 rating upgrade reflects Moody's expectation that Cingular's operating results will continue to materially improve through 2008 as the company completes the integration of AT&T Wireless and the roll-out of its 3G network, but execution risks remain in achieving industry-average operating results.

The outlook for Cingular's rating is positive because Moody's expects the company's operating results to continue to improve over the next two years, achieving operating margin performance comparable to the average of its main competitors by 2008."

Posted to the site on 31st July 2006