If you have the chance, google and read an article in "Seeking Alpha" by David Clarke which outlines Moody's impending decision to potentially "downgrade" the bond rating of T's sale of bonds (to make the purchase of TX happen).
Moody's has spelled out, in very obvious terms, what it expects and T is watching, and maybe a little nervous. T knows Moody's expects instant results. They List Pro & Con, under the con:
*high debt and going higher with purchase of Time Warner
*Low growth, much of T's cash flow (free cash) goes to dividends, not toward building the company
T has a bottom ledger to satisfy every quarter, missing earnings causes investors to think twice to buying Time Warner purpose bonds, then debt is created by the gap that T has to put out to fill in that gap. If incoming cash flow suffers, (that "free money") then dividends are in jeopardy, then the chance of watching the stock price tumble....it's a cycle.
We have become the ledger, we are on the "books" every month and we are AT&T's debt, until they decide to create "free money." The expense of "us" is wiped from the books.
T will be coming for us, much sooner than we would like and in greater numbers, buckle up