Business memo 10/28/02

Monday, October 28, 2002

SBC becomes first to reach 2 million DSL lines

SBC Southwestern Bell has announced it is the first provider to reach 2 million DSL lines in service, giving it more DSL subscribers than the top two Internet service providers combined.

Despite a rough economy, SBC continues to attract broadband customers at near-record levels, the company said. SBC added 226,000 DSL subscribers in the third quarter of 2002, the second-best quarter in company history.

The combined 439,000 subscribers added in second and third quarters of 2002 represent an 88 percent increase over the same period in 2001.

Verizon earns $4.4 billion in third quarter

NEW YORK -- Phone giant Verizon Communications Inc. said Friday it earned $4.4 billion in the third quarter, largely from selling assets and stock, and boasted that long-distance and wireless services were helping it overcome falling revenue from basic residential lines.

S&P lowers credit rating on Ford's debt

DETROIT -- Citing concerns about Ford's ongoing restructuring, Standard & Poor's on Friday lowered its credit rating on the automaker's long-term corporate debt.

S&P cut the long-term rating for Ford and its financial arm, Ford Motor Credit Co., to BBB from BBB-plus -- the same as it did to Ford's bigger rival General Motors Corp. Oct. 16. At the time, the ratings service said it was reviewing Ford's status to see if it should be lowered.

Credit ratings help determine the interest rate a company pays on its debt and debt-trading prices. S&P said Ford, the world's second-largest automaker behind GM, had consolidated debt of $162 billion as of Sept. 30.

-- From wire reports

Respond to this story

Posting a comment requires free registration: