Below are slightly fictionalized financial statements for AT&T (ticker: $T). Use them, along with the Credit Rating Mapping Table (at the bottom) to figure out what the Credit Rating should be for AT&T and explain your answer (can get partial credit for this one!).

NOTE: Use EBIT for the TIE ratio.

Balance Sheet	(in millions of $)
Current Assets	$ 52,008.00
Net Property Plant and Equipment	$ 152,029.00
Intangible Assets	$ 281,575.00
Other Long-Term Assets	$ 38,369.00
Total Assets	$ 523,981.00
Current Liabilities	$ 62,438.00
Long-Term Debt	$ 270,693.00
Deferred Liabilities	$ 60,472.00
Total Liabilities	$ 394,603.00
Stockholders Equity	$ 130,378.00
Total Liabilities and Stockholder Eq	$ 523,981.00
Income Statement	(in millions of $)
Total Revenue	$ 171,760.00
COGS	$ 79,920.00
Gross Profit	$ 91,840.00
Operating Expenses	$ 72,555.00
EBIT	$ 19,285.00
Interest Expense	$ 7,925.00
Pre-Tax Income	$ 11,360.00
Tax Expense	$ 2,945.00
Net Income	$ 8,415.00