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September 22, 1995

CREDIT RATINGS

By CBR Staff Writer

AT&T Capital Corp, the equipment leasing company that is big in computers but also finances other equipment, is the big loser in AT&T divestitures and Standard & Poor’s Corp says it may cut the company’s single-A senior debt rating and its A-1 commercial paper rating, affe cting about $6,200m of total debt, although no more than a one notch downgrade to the ratings is likely. Since the restructuring and termination of the support agreement in March 1993, ratings on AT&T Capital have been based on a stand-alone assessment of the company, and this assessment is unchanged. Though AT&T Capital will remain the lender of preference, concern is generated over to the volume of assets and net income generated by customers of AT&T in businesses affected by the restructuring, it said.

AT&T Corp is by common consent likely to be three stronger companies when it demerged, so Standard & Poor’s Corp has placed its ratings on the debt of AT&T Corp and its units under review with developing implications. Ratings on certificates of the AT&T Universal Card Master Trust are unaffected.

SHL Systemhouse Inc should look a better borrowing bet as part of MCI Communications Corp, and Moody’s Investors Service confirmed the B1 long-term debt rating assigned to its $100m issue of senior subordinated notes and adjusted the rating outlook to positive from stable in light of the takeover plan.

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