Bell Atlantic Corp’s diversifications into financial services, computer maintenance, cellular service and other activities outside its core local phone business have not gone down well with Moody’s Investors Service Inc, which has downgraded to single-A-1 from double-A-3 the ratings on $2,900m of debt issued by its Bell Atlantic Tricon Leasing International, Bell Atlantic System Leasing International, Bell Atlantic Capital Funding, and the company’s employee share ownership programme, saying that the diversifications increase long-term risk.
