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AT&T 'overpaying' for BellSouth - S&P

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Standard and Poor's has downgraded its rating of AT&T to 'sell', following the US telecom firm's proposed $67bn acquisition of BellSouth. The credit rating agency says the deal has its merits - but AT&T is paying too much.

S&P analyst Todd Rosenbluth also thinks that the "regulatory approval process will be lengthy given the size of the deal… In addition, AT&T is still in the early stages of integrating two large acquisitions that we think will pressure its margins".

Still, AT&T has given an early indication of how it intends to cut costs. It aims to cut 10,000 jobs post-merger, according to wire reports. ®

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