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CHICAGO - Fitch Ratings affirmed AT&T Inc.'s debt rating Tuesday and said it is considering an improved rating for Centennial Communications Corp., the wireless company AT&T agreed to purchase last week.
The rating agency said Dallas-based AT&T will remain with an "A" rating.
Wall, N.J.-based Centennial has a non-investment grade "B" rating. Fitch said that rating could go up in the next four to six months because of the deal with AT&T.
AT&T agreed last week to buy the company for $944 million in cash and hopes to close the deal in the second quarter of 2009, subject to shareholder and government approval.
AT&T values the deal at $2.8 billion, including debt.
Centennial shares fell 3 cents to $7.75 in morning trading. Shares of AT&T fell 11 cents to $27.36.
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